A coalition of major global development institutions has launched a new private sector initiative aimed at accelerating access to electricity across Africa while driving economic growth and job creation.
The World Bank Group, African Development Bank, and The Rockefeller Foundation announced the creation of the Mission 300 Private Sector Council, a strategic body designed to mobilize billions of dollars in private investment.
The initiative supports the broader Mission 300 goal of connecting 300 million Africans to electricity by 2030.
The council brings together fourteen senior leaders from various industries to help unlock capital flows, strengthen deal-making capacity, and expand catalytic financing platforms, particularly those supporting local currency investments.
The effort is intended to accelerate commercial investment in energy infrastructure while simultaneously boosting employment opportunities across the continent.
Makhtar Diop, Managing Director of the International Finance Corporation, and Ray Chambers will serve as co-chairs of the council.
Drop emphasized that private sector engagement is essential to achieving the initiative’s ambitious targets, noting that experienced business leaders are critical to translating strategic vision into tangible results.
Mission 300, launched in 2024 by the World Bank and African Development Bank with support from partners including the Global Energy Alliance for People and Planet and Sustainable Energy for All, aims to address the severe electricity access gap across Africa. Currently, nearly 600 million people on the continent lack reliable power.
Since its inception, the initiative has already connected 44 million people to electricity, with thirty countries signing energy compacts focused on expanding infrastructure, integrating regional power systems, increasing renewable energy adoption, and attracting private investment.
Financial commitments are also scaling up. The International Finance Corporation and the Multilateral Investment Guarantee Agency, both part of the World Bank Group, have pledged a combined 5 billion dollars toward private sector investment under Mission 300 by 2030.
Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank, described the council as a critical mechanism for bridging policy reform, financing, and bankable projects.
He highlighted that roughly half of the investment required under energy compacts is expected to come from private sector sources.
The Rockefeller Foundation’s RF Catalytic Capital will serve as the council’s secretariat, coordinating quarterly meetings and ongoing collaboration.
Andrew Herscowitz, CEO of the Mission 300 Accelerator, stressed the importance of off-grid energy solutions, noting that approximately half of the planned electricity connections will rely on decentralized systems. He underscored the role of private investment in scaling these solutions and improving livelihoods.
The council includes representatives from a diverse group of companies spanning telecommunications, energy, finance, and infrastructure, including Airtel Africa PLC, Delta40, DLO Energy Resources Group, Elsewedy Electric, EQT Corporation, GOGLA, Meridiam, Sahara Power Group, Scatec, Husk Power Systems, TotalEnergies, the MCJ Amelior Foundation, Standard Bank, and Zhero.
The formation of the Mission 300 Private Sector Council signals a coordinated push to align public and private efforts in tackling one of Africa’s most pressing development challenges, with a focus on speed, scale, and sustainable economic impact.
