The European Investment Bank (EIB) is pledging more than 2 billion euros ($2.3 billion) of financing for renewable energy projects on the African continent over the next two years.
The commitment, the bank says, is aimed at accelerating Africa’s clean-energy transition while strengthening the resilience of power systems that have long struggled with under-investment and unreliable supply.
The projects will include hydroelectric, solar, and wind power plants, as well as the expansion and upgrading of transmission and distribution facilities, the bank said in a statement.
They will be backed by guarantees from the European Commission, part of the EU’s broader effort to deepen energy cooperation with African nations while promoting sustainable development. EU officials say the mechanism will help de-risk large-scale infrastructure ventures and attract additional private-sector financing.
Beyond generation capacity, the EIB intends to support projects that strengthen cross-border energy trade and regional power pools. According to the bank, improving interconnections will make it easier for countries to share surplus electricity and stabilise grids affected by climate-related disruptions such as droughts that limit hydropower output.
The initiative is also expected to contribute to Africa’s climate-mitigation goals. Many of the supported projects will be aligned with national renewable-energy strategies and the continent-wide objective of increasing clean-energy capacity under the African Union’s Agenda 2063.
EIB Vice President Ambroise Fayolle is expected to provide more details about the pledge at a European Union-African Union summit in Angola’s capital, Luanda.