The World Bank, the African Development Bank (AfDB) and The Rockefeller Foundation have launched a new ‘Private Sector Council’ to help mobilise investment into the continent’s power sector under the so-called Mission 300 initiativeThe group includes major banks, energy and telecom companies, such as TotalEnergies, Standard Bank, Scatec and Airtel Africa.The Mission 300 objective is to connect 300 million Africans to electricity by 2030, while unlocking job creation across the continent.Other members of the Private Sector Council include: Delta40, DLO Energy Resources Group, Elsewedy Electric, EQT Corporation, GOGLA, Meridiam, Sahara Power Group, Husk Power Systems, MCJ Amelior Foundation and Zhero.Makhtar Diop, managing director of the International Finance Corporation (IFC), the World Bank’s private finance arm, and Ray Chambers, chair of the MCJ Foundation, will serve as co-chairs of the newly-formed body.Bringing in firms from diverse sectors “will help drive strategies to crowd in capital and deal-making capability, maximise economic transformation and scale up catalytic finance platforms, especially for local currency, to accelerate commercial investment,” a statement from the IFC noted."Mission 300's success depends on mobilising private investment at scale and implementing strategies shaped by businesses with experience in Africa’s energy sector,” said Diop.“This council brings exactly that: senior leaders with the networks and expertise to translate ambition into impact.”Since the launch of Mission 300 in 2024, the initiative has already connected an estimated 44 million people to electricity, according to the IFC statement.Half of Mission 300 electricity connections are expected to come from off-grid solutions.Thirty countries have signed energy compacts, with efforts to expand infrastructure, integrate regional power, embrace renewables, and boost private investment.“The launch of the Mission 300 Private Sector Council is a critical step towards unlocking the scale and speed of private investment that Africa needs to achieve the goal of Mission 300,” said Dr. Kevin Kariuki, vice president, power, energy, climate and green growth, AfDB.“Considering that about 50% of energy compact investments will be drawn from the private sector, bringing captains of the private sector into Mission 300 will strengthen the link between policy reform, catalytic finance and bankable projects — thereby accelerating delivery, supporting local industry, and creating jobs across the continent.”The Rockefeller Foundation’s public charity, RF Catalytic Capital (RFCC), will host the secretariat for the council, which will meet quarterly.Read more:
Power, telecom firms join Mission 300 initiative
Half of connections are expected to come from off-grid solutions (Image source: Adobe Stock)
