Mission 300 Launches Private Sector Council to Boost Electricity Access and Job Creation in Africa

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The World Bank Group, the African Development Bank, and the Rockefeller Foundation have launched the Mission 300 Private Sector Council. Makhtar Diop of the IFC and Ray Chambers of the MCJ Foundation serve as Co-Chairs. The council’s secretariat is hosted by RF Catalytic Capital, the Rockefeller Foundation’s public charity, with quarterly meetings planned.

The body brings together 14 companies and organisations spanning a range of business models.

The Capital Commitments Behind It

The council sits within a broader set of financial commitments already in place. IFC and MIGA have pledged a combined $5 billion toward private sector investment under Mission 300 by 2030. The European Investment Bank also disclosed a pledge of more than $1.15 billion for renewable energy projects across sub-Saharan Africa.

Separately, the Zafiri permanent capital vehicle, a distributed renewable energy equity fund backed by IFC, AfDB, the Rockefeller Foundation, the Trade and Development Bank Group, and the Nordic Development Fund, and managed by Inspired Evolution, is expected to begin operations in early 2026, with an initial capitalization target of $300 million by 2026 and a longer-term target of $1 billion. It is expected that roughly half of all projected electricity connections under Mission 300 will come from off-grid systems.

What the Structure Is Designed to Do

The council’s stated mandate covers three areas: attracting private capital, strengthening deal-making capacity, and scaling catalytic finance platforms with a particular focus on local currency instruments. The local currency emphasis reflects a structural problem that has constrained project economics across the continent: developers who borrow in dollars but collect revenue in local currency face foreign exchange exposure that can erode returns regardless of project performance.

The council is also designed to interface with existing financing vehicles. The African Transition Acceleration Fund, managed by African Infrastructure Investment Managers and anchored by Financial Sector Deepening (FSD) Africa Investments and Allied Climate Partners, with a $50 million first-close commitment, targets early-stage clean infrastructure across on-grid and off-grid renewables, low-carbon transport, and green molecules. Three FMO proposed investments disclosed in April, including a $40 million facility for Solar Century Africa’s merchant solar assets trading on the Southern African Power Pool, and a $15 million facility for M-KOPA Kenya Mobility’s e-motorbike receivables book, reflect the range of private capital structures now moving in parallel with the multilateral framework.

The Takeaway

The launch of the Private Sector Council makes Mission 300’s private-capital involvement more formal, bringing developers, financiers, corporates, and distributed-energy players into a defined structure around an initiative that expects a significant share of investment and future connections to come through private and off-grid channels.

Deals and Investment

Mulilo has committed nearly US$884 million (R15 billion) to the immediate development of three utility-scale solar PV projects and one battery energy storage system, adding 716 MW of new export capacity to the grid. Mulilo

AXIAN Energy has reached financial close on the €72 million NEA Kolda solar-plus-storage project in Senegal, comprising a 60 MW solar plant and a 72 MWh battery energy storage system. AXIAN

FMO proposes a $15M senior debt facility to M-KOPA Kenya Mobility Limited to finance a growing book of electric motorbike receivables and refinance a bridge loan, targeting clean transport access for micro-entrepreneurs in Kenya. FMO

FMO proposes a $40M committed facility (plus $40M uncommitted) to Solar Century Africa to refinance and finance utility-scale solar PV assets in Zambia, Namibia, and Botswana, with power sold into the Southern Africa Power Pool and to C&I offtakers. FMO

Zimbabwean Government issued a sovereign guarantee to back the payment obligations of the Zimbabwe Electricity Transmission and Distribution Company for the 30MW Vungu solar project. The Herald

Regulatory and Policy Updates

Nigeria approves 3.3 trillion payment plan to clear power sector debt and restore reliable electricity. State House

NERC issues April 2026 energy caps for Nigerian distribution companies. NERC

NERSA publishes notice of public hearing for four REIPPPP Bid Window 7.3 IPP generation licence applications, scheduled for May 7, 2026. NERSA

The Radar

8–9 April | Africa Energy Marketplace, Libreville, Gabon: AfDB-hosted stakeholder consultation on Gabon’s National Energy Compact under Mission 300. AfDB

16 April | Kenya Clean Energy Week (5th Edition), Nairobi: Focus on Kenya’s 80%-renewable grid and the country’s new National Electric Mobility Policy. KEW

21–24 April | ARE Energy Access Investment Forum, Nairobi: DFI and private investor matchmaking on off-grid and mini-grid financing across Sub-Saharan Africa. EAIF

22–23 April | Invest in African Energy Forum, Paris. IAE