EIB Pledges €1 Billion for Renewable Energy in Sub-Saharan Africa

The European Investment Bank (EIB) has pledged more than €1 billion in financing for renewable energy projects in Sub-Saharan Africa, reinforcing global efforts to expand electricity access across the continent.

The commitment was announced by EIB Group President Nadia Calviño at the EIB Group Forum in Luxembourg, as part of the international Mission 300 initiative, which aims to provide electricity to 300 million people in Africa.

Expanding clean energy access across Africa

The financing will be delivered through EIB Global, the bank's arm dedicated to development finance and international partnerships.

Funds will support a range of renewable energy infrastructure projects, including:

• Hydropower plants

• Large and small-scale solar power projects

• Wind farms

• Electricity transmission and distribution networks

These investments align with the European Union's Global Gateway strategy, which seeks to mobilize sustainable infrastructure investment worldwide.

Nearly 600 million people in Sub-Saharan Africa still lack access to electricity, making energy access one of the continent's most pressing development challenges.

"Joining our partners with a one-billion-euro contribution for renewable energy projects shows Europe's commitment to providing cleaner, more affordable and reliable energy for hundreds of millions of people in Africa," said Nadia Calviño.

"When some are building walls, we build bridges—supporting international partnerships and win-win solutions for a more peaceful, stable and prosperous world."

Part of a broader €2 billion renewable energy push

The new pledge forms part of a broader effort by EIB Global to mobilize more than €2 billion for renewable energy projects across Africa over the next two years.

The initiative builds on commitments announced during the Scaling Up Renewables in Africa campaign in Johannesburg in November 2025.

Global partnership through Mission 300

Mission 300 is a collaborative platform led by the World Bank Group and the African Development Bank Group, bringing together governments, development banks, private investors and philanthropic partners to accelerate energy access.

World Bank President Ajay Banga described the initiative as a coordinated global effort to expand electricity connections at scale.

"Mission 300 was designed as a platform bringing development banks, governments, philanthropy and private capital together around a single objective: connections at scale," Banga said.

"The EIB's €1 billion pledge expands that coalition at a critical time."

Strengthening EU–Africa cooperation

EU leaders highlighted the pledge as a key example of the Global Gateway strategy, which aims to strengthen economic partnerships between Europe and Africa while supporting sustainable development.

Jozef Síkela, European Commissioner for International Partnerships, said the initiative will help create jobs and support economic growth across the continent.

"Through Global Gateway, Europe is investing in clean energy that powers businesses, creates jobs and drives sustainable growth across Africa," he said.

Valdis Dombrovskis, European Commissioner for Economy and Productivity, added that the partnership demonstrates how coordinated investment can deliver transformative impact.

Boosting development and opportunity

Leaders from the African Development Bank Group welcomed the pledge as a critical step toward expanding electricity access.

AfDB President Dr Sidi Ould Tah said the financing strengthens the Mission 300 initiative at a crucial moment.

"When institutions of our scale move together with purpose, we create irreversible momentum," he said.

EIB's growing investment footprint in Africa

EIB Global invested €3.1 billion in Africa in 2025, focusing on sectors including:

• Support for small and medium-sized enterprises

• Venture capital financing

• Renewable energy and climate projects

• Transport infrastructure

• Water and sanitation systems

• Health services

Over the past four years, EIB investments have mobilised €73 billion across Africa, highlighting the bank's growing role in supporting sustainable development on the continent.

The latest pledge underscores Europe's commitment to expanding clean energy, economic opportunity and sustainable infrastructure across Africa.