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The European Investment Bank (EIB) has unveiled a major financing initiative that will direct over €2 billion (about $2.3 billion) into renewable energy development across Africa within the next two years, reinforcing its role as a key financier of sustainable infrastructure on the continent.
According to the bank’s announcement, the funds will be used to support the construction of hydroelectric, solar, and wind power facilities, alongside extensive upgrades to electricity transmission and distribution networks in multiple African countries.
The investment is intended to expand clean energy generation capacity and help modernise national grid systems that have struggled under decades of underinvestment.
EIB Vice President Ambroise Fayolle is scheduled to outline the financing plan at the 7th European Union–African Union Summit in Luanda, Angola, where European and African leaders will meet to strengthen cooperation on development priorities, including energy and infrastructure.
The bank’s commitment forms part of a broader European push to accelerate renewable energy deployment in Africa.
It follows the European Union’s previous announcement of a €545 million programme designed to catalyse additional clean energy investments, expand electrification, and improve power grid reliability.
Despite Africa’s vast renewable potential, especially in solar and wind, nearly 600 million people on the continent still lack access to electricity, underscoring the scale of the energy deficit that these initiatives aim to address.
European Commission officials have also stated that expanding renewable energy infrastructure could generate significant employment opportunities across the region by 2030, particularly in green energy sectors.
The EIB’s funding pledge aligns with the European Union’s long-standing Global Gateway and Africa-EU Energy Partnership frameworks, which aim to enhance energy access, support the deployment of clean technology, and deepen strategic ties between Europe and African nations.
This latest commitment from the EIB signals intensifying efforts by European institutions to support Africa’s transition to cleaner energy sources, while addressing chronic power shortages and encouraging cross-border energy cooperation.
South Africa’s state-owned asset manager, the Public Investment Corporation (PIC), has committed $30 million to a private-credit vehicle run by the Africa-focused alternative investment firm Enko Capital.
The British International Investment (BII), the African Development Bank (AfDB), and the European Bank for Reconstruction and Development (EBRD)—have pledged a combined $479.1 million to Obelisk Solar Power, a project vehicle owned by renewable energy company Scatec.
The 17th edition of the U.S.-Africa Business Summit took place in Luanda, Angola, drawing an unprecedented number of participants.
