- Announces new funding to Zafiri, the World Bank Group’s flagship investment company for distributed renewable energy investments; ODI to launch a new Mission 300 Fellowship Program; and SEforALL to accelerate implementation of Mission 300
- Builds upon USS10 million for energy access projects in dozens of sub-Saharan countries through Mission 300 TA Accelerator with GEAPP
DAR ES SALAAM, Tanzania, Jan. 29, 2025 /PRNewswire/ — During the Mission 300 Africa Energy Summit, The Rockefeller Foundation announced an additional US$15.9 million to support the African Development Bank Group’s (AfDB) and the World Bank Group’s ambitious goal of providing access to electricity to 300 million Africans by 2030. As part of the landmark gathering — hosted by the United Republic of Tanzania, African Union, AfDB, and World Bank Group — The Rockefeller Foundation intends to invest US$10 million into “Zafiri,” the World Bank Group’s new distributed renewable energy (DRE) investment company. With funding from The Rockefeller Foundation, RF Catalytic Capital (RFCC) is also expecting to provide up to US$2.5 million in grant funding to ODI Global Washington to develop a new fellowship program that will help African governments meet their Mission 300 commitments and US$3.4 million to Sustainable Energy for All (SEforALL) to monitor progress, implement programs across the continent, and develop new local currency financing tools.
Dr. Rajiv J. Shah, President of The Rockefeller Foundation, said: “Access to electricity will determine the quality of Africa’s future and, because of its growing youth population, the world’s. By connecting 300 million Africans to electricity for the first time, Mission 300 will make all our futures more prosperous and secure. The Rockefeller Foundation is doing everything we can to accelerate Mission 300 because we know changing energy changes lives.”
Accelerating Energy Access in Africa
- Investing in DRE financing through IFC’s Project Zafiri. The Rockefeller Foundation expects to invest US$10 million into Zafiri, a new investment company led and designed by the International Finance Corporation (IFC), also known as the World Bank Group’s private sector arm. Anchored with co-investments from IFC, AfDB, The Rockefeller Foundation, and the International Development Association, Zafiri will provide patient equity to scale Africa’s private sector-led DRE sector. This includes providing equity financing, along with funding for project preparation support, to companies developing mini- and metro-grids, solar home systems, impact-driven DRE installations, battery energy storage systems, clean cooking solutions, and more. Zafiri will focus on impact, with a particular focus on new connections and emissions reduction solutions, enabling more than 30 million people to receive clean energy access by 2030.
Makhtar Diop, IFC Managing Director: “Millions of people across Africa lack access to electricity, a situation that is both untenable and unfathomable in the 21st century. With our partners, we are committed to bringing reliable, affordable power to homes, schools, and businesses across the continent, and the investment vehicle launched today is an important part of that strategy. Together we are unlocking investment into a sector that will transform the continent’s economic and social future, driving the change needed to power Africa’s progress.”
- Developing the new Mission 300 Fellowship Program with ODI Global Washington. With funding from The Rockefeller Foundation, RFCC’s Mission 300 Accelerator, expects to provide ODI Global Washington with an up to US$2.5 million grant to design, launch, and oversee a new Mission 300 Fellowship program. As part of a larger government enablement strategy to advance countries’ Mission 300 goals, the Fellows will support African governments in their execution of new energy compacts signed during the Africa Energy Summit. Once up and running later this year, 10-15 highly qualified, early career professionals will be embedded in government energy ministries and offices. Over a period of two years, these Fellows will help expand energy access by supporting local officials to devise and implement reforms as part of their energy compacts. The program will also prioritize Fellows who are citizens of African states, promoting localization and investing in the next generation of talent.
Sasha Kapadia, Director of ODI Global Advisory and Head of the ODI Fellowship Scheme, said: “For over 60 years, the ODI Fellowship Scheme has supported thinly stretched public servants in low- and middle-income countries to advance government priorities in finance, health, education, and more. The launch of the Mission 300 Fellowship will address a critical need – electrification – vital to achieving economic growth and prosperity, and, even more important, improving daily lives for millions on the continent.”
- Accelerating Mission 300 implementation with SEforALL. With funding from The Rockefeller Foundation, RFCC’s Mission 300 Accelerator is providing a US$3.4 million grant to SEforALL to help the AfDB and The World Bank Group to deliver Mission 300, alongside supporting the organization’s focus on reducing energy poverty. The scope includes developing energy transition plans and supporting data-driven energy access planning in Mission 300 compact countries, which will help create the market and regulatory readiness needed to drive new energy connections. Because the global rise in interest rates significantly impacted economies across Africa in the form of inflation and currency depreciation, SEforALL will also be collaborating with partners to develop innovative financing instruments to enable private participation in local currency financing platforms. With the initial phase focused on Nigeria, SEforALL and partners aim to create a new pan-African local currency mechanism that will not only protect local investors from the risks associated with the volatility of currency markets but will also lay the groundwork to unlock currently unavailable sources of capital for developers across Africa. In addition, SEforALL will provide technical support to African governments as they work to implement their countries’ Mission 300 compacts and to help the AfDB and the World Bank track progress against their Mission 300 targets for each country.
Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy, said: “SEforALL recognizes its role, along with that of The Rockefeller Foundation and the Global Energy Alliance for People and Planet, as that of an enabler to the bold Mission 300 initiative in support of the World Bank and the African Development Bank; and as such, the commitment of support for our work is both a strong and clear indication of The Rockefeller Foundation’s commitment to ending energy poverty; and taking the big bets needed to advance action at the scale and pace needed to meet the SDG 7 Goal by 2030.”
This latest round of funding builds upon The Rockefeller Foundation’s and the Global Energy Alliance for People and Planet’s (GEAPP) initial US$10 million into the RFCC’s Mission 300 Accelerator. During the African Energy Summit, the Mission 300 Technical Assistance Facility also introduced 23 new energy access projects in 11 African countries and across the Common Market for Eastern and Southern Africa (COMESA).
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About ODI Global
ODI Global is a leading global affairs think tank committed to driving positive change through transformative insights. With offices in Brussels, London, and Washington, DC, our 200+ staff, plus ODI Global Fellows, affiliates and partners around the world, we bring nuance to our expertise, creating the systemic, lasting change we seek. For over 60 years, we have led thinking and agendas to build a more resilient, just, and equitable future for all. Learn more at www.odi.org.
About Sustainable Energy for All (SEforALL)
Sustainable Energy for All is an independent organization, hosted by UNOPS, with a global mandate to accelerate progress on the energy transition in emerging and developing countries. We work at the intersection of energy, climate, and development. We collaborate with governments and partners worldwide to end energy poverty, accelerate the deployment of renewable energy solutions, and combat climate change. Learn more about our work at www.SEforALL.org
About The Rockefeller Foundation
The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish. We make big bets to promote the well-being of humanity. Today, we are focused on advancing human opportunity and reversing the climate crisis by transforming systems in food, health, energy, and finance. For more information, sign up for our newsletter at www.rockefellerfoundation.org/suscribe and follow us on X @RockefellerFdn and LI @the-rockefeller-foundation.
About RF Catalytic Capital (RFCC)
A charitable offshoot of The Rockefeller Foundation, RF Catalytic Capital (RFCC) enables foundations, impact investors, businesses, governments, and other like-minded funders to combine their resources to build funding solutions for social impact and bring about transformational change. RFCC leverages The Rockefeller Foundation’s expertise and resources while collaborating with partners and investors to multiply impact and helps to transform today’s greatest challenges into collaborative solutions. For more information, please visit www.rockefellerfoundation.org/rf-catalytic-capital-inc.
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