Yemisi Izuora
The World Bank Group, the African Development Bank, and The Rockefeller Foundation launched a new Mission 300 Private Sector Council to mobilize the billions in private investment needed to connect 300 million Africans to electricity by 2030 while unlocking job creation across the continent.
Fourteen leaders from diverse sectors will help drive strategies to crowd in capital and deal-making capability, maximize economic transformation, and scale up catalytic finance platforms—especially for local currency—to accelerate commercial investment that supports both energy access and employment. Makhtar Diop, Managing Director of International Finance Corporation, a member of the World Bank Group, and Ray Chambers, Chair of the MCJ Foundation, will serve as Co-Chairs of the Private Sector Council.
“Mission 300’s success depends on mobilizing private investment at scale and implementing strategies shaped by businesses with experience in Africa’s energy sector,” said Makhtar Diop, Managing Director of IFC. “This council brings exactly that—senior leaders with the networks and expertise to translate ambition into impact.”
Mission 300 is an initiative by the World Bank and African Development Bank, supported by The Rockefeller Foundation, Global Energy Alliance for People and Planet, and Sustainable Energy for All to connect 300 million people in Africa to electricity by 2030—while helping create more jobs.
Nearly 600 million people in Africa lack access to electricity. Closing the gap will require unprecedented scale, speed, and investment— with increased engagement from the private sector. IFC and MIGA, members of the World Bank Group, have committed $5 billion in support of private sector investment under Mission 300 by 2030.
Since the launch of Mission 300 in 2024, the initiative has connected 44 million people to electricity. 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. 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,” said Dr. Kevin Kariuki, Vice President, Power, Energy, Climate and Green Growth, African Development Bank Group.
The Rockefeller Foundation’s public charity, RF Catalytic Capital (RFCC), will host the secretariat for the council, which will meet quarterly.
“Half of Mission 300 electricity connections are going to come from off-grid solutions. Private sector investment is critical to building out off-grid energy options and achieving Mission 300 goals,” said Andrew Herscowitz, CEO of the Mission 300 Accelerator. “The Mission 300 Accelerator is looking forward to working with the IFC, African Development Bank, and our Private Sector Council to ensure that we can accelerate commercial investment and change lives.”
The Private Sector Council includes representatives from the following companies: Airtel Africa Plc, Delta40, DLO Energy Resources Group, Elsewedy Electric, EQT Corporation, GOGLA and Meridiam.
Others are Sahara Power Group, Scatec, Husk Power Systems,Total Energies,The MCJ Amelior Foundation, Standard Bank and Zhero