Global Banks and Rockefeller Launch ‘Mission 300’ Council to Electrify 300 Million Africans and Unlock Jobs

The newly formed council brings together 14 global business leaders from energy, finance, infrastructure, and technology sectors to accelerate deal-making, unlock capital, and scale commercially viable energy projects.

In a major push to close Africa’s energy access gap, the World Bank Group, African Development Bank, and The Rockefeller Foundation have launched a Mission 300 Private Sector Council, aimed at mobilising billions in private investment to bring electricity to 300 million people across Africa by 2030.

The initiative marks a strategic shift toward deeper private sector engagement, positioning energy access not only as a development priority but as a driver of job creation, industrial growth, and economic transformation across the continent.

A Private Sector-Led Acceleration Strategy

The newly formed council brings together 14 global business leaders from energy, finance, infrastructure, and technology sectors to accelerate deal-making, unlock capital, and scale commercially viable energy projects.

The council will be co-chaired by:

• Makhtar Diop, Managing Director, International Finance Corporation (IFC)

• Ray Chambers, Chair, MCJ Foundation

“Mission 300’s success depends on mobilizing private investment at scale,” Diop said. “This council brings the expertise needed to turn ambition into real impact.”

Tackling Africa’s $600 Million Energy Access Gap

Africa remains the world’s most energy-deprived region, with nearly 600 million people lacking access to electricity—a major barrier to economic growth, industrialization, and quality of life.

Mission 300 aims to address this gap through:

• Expansion of grid and off-grid energy systems

• Increased renewable energy deployment

• Strengthened regional power integration

• Large-scale private investment mobilisation

Since its launch in 2024, the initiative has already connected 44 million people to electricity, with 30 countries signing energy compacts to accelerate progress.

$5 Billion Commitment and Catalytic Finance Push

To drive momentum, IFC and the Multilateral Investment Guarantee Agency (MIGA) have committed $5 billion to support private sector investment under Mission 300.

A central focus of the council will be:

• Scaling catalytic finance platforms, particularly in local currencies

• Bridging the gap between policy reforms and bankable projects

• Reducing investment risks to attract institutional capital

Experts estimate that around 50% of Mission 300 investments will need to come from the private sector, making this engagement critical to success.

Off-Grid Solutions at the Core

A key insight driving the initiative is that half of new electricity connections will come from off-grid solutions, such as mini-grids and solar home systems—areas where private companies are already leading innovation.

“Private investment is essential to scaling off-grid energy,” said Andrew Herscowitz, CEO of the Mission 300 Accelerator. “This is how we will reach millions of underserved communities quickly.”

Linking Energy Access to Job Creation

Beyond electrification, Mission 300 is designed to stimulate job creation and economic activity, particularly in:

• Manufacturing and local industries

• Digital services and connectivity

• Small and medium enterprises (SMEs)

By expanding reliable energy access, the initiative aims to unlock productivity gains and support inclusive economic growth across African economies.

A Powerful Coalition of Industry Leaders

The Private Sector Council includes major global and regional players such as:

• Airtel Africa

• TotalEnergies

• Standard Bank

• Scatec

• Husk Power Systems

• Elsewedy Electric

• Meridiam

These companies bring expertise in energy infrastructure, financing, and technology deployment, critical for scaling projects across diverse markets.

Governance and Implementation

The council’s secretariat will be hosted by RF Catalytic Capital (RFCC), part of The Rockefeller Foundation, and will convene quarterly to coordinate strategy, track progress, and align investments.

A Turning Point for Africa’s Energy Future

African Development Bank Vice President Kevin Kariuki described the council as a “critical step” in accelerating delivery.

“Bringing private sector leaders into Mission 300 strengthens the link between policy, finance, and implementation,” he said. “This is essential for scaling impact and creating jobs.”

The launch of the Mission 300 Private Sector Council signals a new phase in Africa’s electrification journey—one driven by private capital, innovation, and cross-sector collaboration. With hundreds of millions still without power, the success of this initiative could redefine energy access on the continent while unlocking widespread economic opportunity.