The European Union (EU) has secured €15.5 billion to advance renewable energy projects across Africa, promising new opportunities for businesses, including MSMEs, and millions of households currently without reliable electricity. The announcement follows a year-long campaign led by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa, aimed at mobilizing public and private investments to accelerate the continent’s clean-energy transition.
According to a statement released in Abuja, the pledges include over €10 billion from Team Europe, alongside bilateral contributions from European financial institutions, member states, and development finance institutions. The initiative was organized in collaboration with Global Citizen and with policy support from the International Energy Agency to drive sustainable economic growth, expand electricity access, and promote decarbonized industrialization in Africa.
President von der Leyen described the investment as a “surge of opportunity,” emphasizing that it will create thriving markets, jobs, and reliable, clean energy for communities and businesses alike. “Millions more people could gain access to electricity, life-changing power for families, businesses, and entire communities,” she said.
The Team Europe package includes co-financed Global Gateway projects supported by Germany, France, Denmark, Italy, the Netherlands, and Spain. Key contributions include €2.1 billion from the European Investment Bank, €740 million from the European Bank for Reconstruction and Development, €2.4 billion from Italy, over €2 billion from Germany, and additional contributions from the Netherlands, Portugal, Denmark, Sweden, Austria, and Ireland.
Beyond these pledges, the African Development Bank committed at least 20 percent of the African Development Fund’s 17th replenishment to renewable energy, while Norway pledged approximately €53 million for 2026–2028. Overall, the campaign is expected to generate 26.8 GW of renewable energy and provide electricity access to 17.5 million households previously without reliable power.
The EU campaign also signals further investment potential for MSMEs across Africa, as reliable and affordable electricity can stimulate small business growth, improve operational efficiency, and open new markets for local entrepreneurs. Additional investments up to €4 billion by 2030 were also indicated by Team Europe actors, reinforcing long-term support for Africa’s clean-energy economy.
This multi-billion-euro initiative represents one of the largest coordinated efforts to boost renewable energy infrastructure on the continent, with direct benefits for MSMEs, communities, and the wider African economy.
