The European Investment Bank (EIB) has announced a €2-billion financing package to support renewable energy development across Africa, marking one of the continent’s largest clean-energy commitments from a single institution. The funding will back new solar, wind, and hydro projects, as well as major upgrades to Africa’s transmission and distribution networks.
According to the EIB, the initiative will help expand electrification, strengthen grid reliability, and support the transition away from high-cost diesel and coal dependence. The programme will also complement broader EU efforts to boost sustainable infrastructure on the continent, including the €545 million package announced earlier to support power-sector modernization.
Africa’s renewable energy potential remains enormous, yet almost 600 million people still lack access to electricity. The EIB notes that large-scale investments of this kind can unlock new power capacity, reduce energy poverty, and catalyze green job creation. Early estimates suggest that expanded renewable deployment could support millions of new jobs by 2030.
For investors, the funding signals long-term confidence in Africa’s clean-energy market and reduces risk premiums for private capital entering the sector. With stronger grid infrastructure and predictable financing, developers will face fewer barriers in executing utility-scale projects across both established and emerging markets.
The commitment underscores a broader shift: Africa is no longer viewed only as a frontier energy market, but as one of the most consequential regions for global decarbonization and sustainable growth.
