The European Investment Bank (EIB) has committed more than €1 billion (about $1.1 billion) to support renewable energy expansion under Mission 300, a major international initiative aimed at expanding electricity access across Africa.
The financing will be channelled through EIB Global and will support renewable energy infrastructure including solar, wind, hydropower, transmission networks, and decentralised systems such as mini-grids and off-grid solutions.
Mission 300 is a joint programme led by the World Bank Group and the African Development Bank Group, targeting electricity access for 300 million people across Africa by 2030. It combines public and private financing to scale up energy infrastructure and accelerate electrification.
According to the EIB, the investment is intended to support sustainable energy deployment while improving access in regions with limited or unreliable electricity supply.
Africa continues to face one of the world’s largest electricity access deficits, with hundreds of millions of people still without reliable power. Development institutions have increasingly framed electrification as a foundation for economic growth, industrialisation, healthcare delivery, and education systems.
Who stands to benefit
The funding is expected to benefit multiple groups across the energy and development ecosystem, including:
- Households in underserved regions gaining first-time or improved access to electricity
- Rural and remote communities through off-grid solar and mini-grid expansion
- Small and medium-sized enterprises (SMEs) that rely on stable electricity for productivity and growth
- National governments seeking to expand electrification rates and meet development targets
- Energy developers and utilities involved in renewable project construction and grid expansion
- Local construction and engineering firms engaged in infrastructure deployment
- Manufacturers and suppliers in the renewable energy value chain, including solar and grid equipment providers
- Healthcare and education institutions that depend on reliable electricity for essential services
The Mission 300 framework also encourages private sector participation, meaning commercial investors and project financiers involved in African energy markets are also positioned to benefit from expanded project pipelines.
The EIB’s commitment adds to a broader international financing push aimed at closing Africa’s electricity gap while aligning energy access expansion with long-term climate and sustainability objectives.
Mission 300 is expected to play a central role in shaping how energy infrastructure is financed and delivered across participating countries over the next decade, particularly through blended finance and cross-border development partnerships.