The European Investment Bank (EIB) has pledged its commitment to African energy security by pledging €200 million toward the Mission 300 initiative.
This was made known by the management when the team paid a working visit to the Managing Director of the Rural Electrification Agency (REA), Dr Abba Aliyu at the REA headquarters recently.
During the meeting, the EIB team revealed that the financial injection is designed to support the Distributed Access through Renewable Energy Scale-up (DARES) program, a strategic framework aimed at providing clean, reliable electricity to millions. By signaling a willingness to provide up to 50% co-financing backed by the European Union, the EIB is creating a robust de-risking mechanism intended to mobilize additional private sector capital for large-scale green infrastructure.
EIB team during the visit to the REA headquarters in Abuja recentlyCommenting, the REA MD, Dr Abba Aliyu noted that
the partnership emphasizes a shared recognition that the Rural Electrification Agency (REA) serves as the vital link in this transition, offering the delivery and coordination necessary to unite public and private stakeholders.
Hr noted that this collaboration focuses on deepening financing structures to ensure that capital flows efficiently into decentralized renewable energy solutions, such as solar mini-grids and home systems.