EIB Global Announces Major Financing Package to Expand Renewable Power Access Across Sub-Saharan Africa

EIB Global Announces Major Financing Package to Expand Renewable Power Access Across Sub-Saharan Africa

(IN BRIEF) The European Investment Bank has pledged more than €1 billion to finance renewable energy projects in Sub-Saharan Africa as part of the Mission 300 initiative, which aims to connect 300 million people to electricity by 2030. The financing will be implemented through EIB Global and will support hydropower, solar, wind and energy network infrastructure aligned with the EU’s Global Gateway strategy. The pledge contributes to a broader EIB plan to invest more than €2 billion in renewable energy across Africa over the next two years. With nearly 600 million people in Sub-Saharan Africa still lacking electricity access, the initiative aims to expand reliable energy infrastructure, stimulate economic growth and strengthen partnerships between Europe and African institutions.

(PRESS RELEASE) LUXEMBOURG, 5-Mar-2026 — /EuropaWire/ — European Investment Bank (EIB) has pledged to provide more than €1 billion in financing for renewable energy projects across Sub-Saharan Africa, reinforcing efforts to expand electricity access through the international Mission 300 initiative. The commitment was announced by EIB Group President Nadia Calviño during the EIB Group Forum in Luxembourg.

Mission 300, launched by the World Bank Group and the African Development Bank Group, aims to connect 300 million people in Sub-Saharan Africa to electricity by 2030. The EIB’s contribution will focus on renewable energy infrastructure designed to expand reliable power access while supporting sustainable economic development across the region.

The financing will be delivered through EIB Global, the European Investment Bank Group’s branch responsible for development finance and international partnerships. Projects supported under the initiative are expected to include hydropower plants, solar energy installations of both large and small scale, wind farms and energy transmission networks.

These investments are aligned with the European Union’s Global Gateway strategy, which seeks to promote sustainable infrastructure and strengthen partnerships between Europe and developing regions.

The Sub-Saharan Africa commitment forms part of a broader push by EIB Global to accelerate renewable energy investment across the entire African continent. The institution expects its total contribution to renewable energy projects in Africa to exceed €2 billion over the next two years, a plan previously outlined during the Scaling Up Renewables in Africa campaign held in Johannesburg.

At the forum in Luxembourg, President Nadia Calviño met with representatives from the World Bank Group, the African Development Bank Group and the European Commission, which provides guarantees for the majority of operations carried out by EIB Global.

Calviño highlighted that the initiative reflects Europe’s commitment to expanding access to reliable and affordable energy in Africa. Nearly 600 million people in Sub-Saharan Africa still lack electricity access, making large-scale infrastructure investment essential for economic development and improved living standards.

Jozef Síkela, European Commissioner for International Partnerships, emphasized the role of the EU’s Global Gateway strategy in supporting energy investments that stimulate job creation, business development and sustainable growth across African economies.

Valdis Dombrovskis, European Commissioner for Economy and Productivity with responsibility for relations with the EIB Group, noted that the European Investment Bank continues to play a central role in implementing EU policies globally. The new financing commitment, he said, demonstrates how coordinated investment efforts can deliver large-scale economic and social benefits.

Leaders of the organisations behind Mission 300 also welcomed the EIB’s contribution. Ajay Banga, President of the World Bank Group, described the initiative as a platform designed to bring together development institutions, governments, philanthropic organisations and private investors to expand electricity connections across Africa.

Dr Sidi Ould Tah, President of the African Development Bank Group, said the commitment strengthens the coalition supporting Mission 300 and brings the initiative closer to achieving its goal of connecting hundreds of millions of people to reliable electricity.

The EIB’s involvement builds on its growing investment footprint in Africa. In 2025 alone, EIB Global invested €3.1 billion across the continent, supporting sectors such as small and medium-sized enterprises, venture capital funds, renewable energy, transport infrastructure, water projects and healthcare.

Over the past four years, investments supported by the EIB have mobilised approximately €73 billion in financing across Africa, demonstrating the scale of international financial support being directed toward infrastructure and economic development on the continent.

Through its latest commitment under Mission 300, the European Investment Bank aims to accelerate renewable energy deployment and help expand electricity access for millions of households, businesses and communities across Sub-Saharan Africa.

Background information

The EIB Group

The European Investment Bank (ElB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion of new financing and advisory services for over 870 high-impact projects in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investment union. Beyond long-term loans for large infrastructures, the EIB Group crowds-in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.

The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees and equity to improve access to finance for small and medium size businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilizes private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs.

In 2023, the EIF together with six member states (France, Germany, Italy, Spain, Belgium and the Netherlands) launched the European Tech Champions Initiative, a fund of funds to scale-up innovative startups. As of February 2026, this initiative has already enabled the creation of 13 European venture capital mega-funds and scaled up 38 companies, including 11 unicorns (with more than €1 billion in capital).

EIB Global 

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international win-win partnerships and development finance, and a key partner of Team Europe and the Global Gateway strategy. EIB Global brings the EIB Group closer to people, companies and institutions through its offices across the world.

Photos of the EIB Group’s spokespeople and headquarters, logo files and video B-roll for media use are available here.

Mission 300

Mission 300 is an ambitious initiative to connect 300 million people to electricity in the region by 2030. Led by the World Bank Group and the African Development Bank Group, Mission 300 brings together African governments, the private sector, and development partners to deliver affordable power, expand electricity access, boost utility efficiency, attract private investment, and improve regional energy integration that drives job creation and economic transformation.

Media Contact:

Begum Iman
b.iman@eib.org
+352 4379 – 85212

Press Office

press@eib.org
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SOURCE: European Investment Bank