Author: Power Peak Digest Team Pub Date: January 30, 2025

The Mission 300 initiative, aimed at providing electricity to 300 million Africans by 2030, has raised more than $8bn in funding commitments during the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, held from 27 January to 28 January 2025, as reported by Reuters. 

The summit was hosted by the United Republic of Tanzania, the African Union, the African Development Bank Group (AfDB), and the World Bank Group.

Launched in April 2024 by the World Bank and AfDB, the initiative is expected to cost $90bn. The two banks have already committed up to $48bn, with further potential contributions during implementation. New funding partners include the Islamic Development Bank (IsDB), the Asian Infrastructure Investment Bank (AIIB), the French Development Agency (AFD), and the OPEC Fund for International Development.

The IsDB is pledging $2.65bn in financing, with an additional $2bn for insuring power projects across Africa. The AIIB will contribute between $1bn and $1.5bn, while the AFD and the OPEC Fund have committed €1bn ($1.04bn) each. The initiative aims not only to expand electricity access but also to promote clean cooking solutions, which could prevent 600,000 deaths annually due to smoke exposure from harmful fuels like wood and charcoal.

In addition, the Rockefeller Foundation has committed $15.9m to the Mission 300 initiative, distributing funds to several key players. Zafiri, a new investment company focusing on renewable energy projects in Africa, will receive $10m. ODI Global Washington will be allocated $2.5m for a new fellowship program supporting African governments, while Sustainable Energy for All (SEforALL) will receive $3.4m to monitor progress and develop local currency financing tools for energy projects in Africa.

This funding builds on the initial $10m investment made by the Rockefeller Foundation and the Global Energy Alliance for People and Planet (GEAPP) into the RF Catalytic Capital’s Mission 300 Accelerator in September 2024.

Rajiv J Shah, President of the Rockefeller Foundation, emphasized the transformative potential of the initiative: “Access to electricity will determine the quality of Africa’s future and, because of its growing youth population, the world’s. By connecting 300 million Africans to electricity for the first time, Mission 300 will make all our futures more prosperous and secure.”

Earlier this month, the World Bank and AfDB announced the terms for African countries to secure $40bn in power finance under the Mission 300 programme.

Source: Power Technology

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