• EIB commits over €1 billion for renewable energy in sub-Saharan Africa
• Funding supports Mission 300 electrification goal for 300 million people
• Projects include solar, wind, hydropower, and electricity transmission networks

The European Investment Bank (EIB) Group said on Wednesday, March 4, it has committed more than €1 billion ($1.16 billion) to finance renewable energy projects in sub-Saharan Africa. The funding is part of the “Mission 300” initiative, which aims to expand electricity access to 300 million people across the continent by 2030.

EIB Group President Nadia Calviño announced the commitment during the institution’s fourth annual Forum held in Luxembourg.

The financing is expected to be deployed through EIB Global, the bank’s development arm focused on international partnerships and development finance. The funds will support large- and small-scale hydroelectric and solar plants, wind farms, and electricity transmission networks. The projects also support the priorities of the “Global Gateway” programme, an EU investment strategy launched in early 2022 that plans €150 billion in investment in Africa over six years.

“Nearly 600 million people in Sub-Saharan Africa are still living without access to electricity. When some are building walls, we build bridges - supporting international partnerships and win-win solutions for a more peaceful, stable, and prosperous world,” Nadia Calviño said. She spoke following a meeting with leaders from the World Bank and the African Development Bank (AfDB), which jointly lead the Mission 300 initiative with support from governments, other financial institutions, and the private sector.

“EIB’s €1 billion pledge is precisely the partnership that Mission 300 needs and strengthens our platform at a pivotal moment. The African Development Bank Group is proud to stand alongside the European Investment Bank and our partners to turn this ambition into connections on the ground,” AfDB President Sidi Ould Tah said.

Officially launched in January 2025 during the African Energy Summit in Dar es Salaam, Tanzania, the Mission 300 initiative aims to accelerate electrification across Africa. It places particular emphasis on expanding decentralized renewable energy systems, including mini-grids and standalone solar units, while also connecting households to national power grids.

Walid Kéfi