Pretoria, South Africa – Europe and Africa have strengthened their bilateral cooperation on energy development, announcing a landmark €15.5 billion investment to accelerate Africa’s clean energy transition and expand electricity access to millions of households. The announcement was made at the G20 Summit currently underway in Pretoria, hosted by South Africa.
By Tina Musonza
The funding package follows a year-long campaign by the European Commission and the South African government to mobilise large-scale investment in renewable energy across the continent. European Commission President Ursula von der Leyen, together with South African President Cyril Ramaphosa, confirmed the commitments aimed at boosting clean energy generation, expanding transmission infrastructure, and improving household electricity access.
According to Team Europe, the European Union led the financial pledges with more than €15.1 billion contributed. This includes over €10 billion directly pledged by President von der Leyen on behalf of Team Europe, supported by substantial bilateral contributions from European member states, development finance institutions, and private investors.
“Today, the world has stepped up for Africa,” von der Leyen said. “With €15.5 billion, we are turbocharging Africa’s clean-energy transition. Millions more people could gain access to electricity — real, life-changing power for families, for businesses, for entire communities. This investment is a surge of opportunity: thriving markets, new jobs, and reliable, clean energy that meets the needs of partners across the globe.”
She added that both she and President Ramaphosa “look forward to a clean-energy future for the continent — a future led by Africa, with strong support from its friend and partner, Europe.”
The Global Gateway-backed Team Europe package includes major co-financed projects involving Germany, France, Denmark, Italy, the Netherlands, and Spain. Key financial institutions such as the European Investment Bank (EIB), which committed €2.1 billion, and the European Bank for Reconstruction and Development (EBRD), which pledged €740 million, are also central to the investment effort.
Several European nations made notable bilateral contributions: Italy (€2.4 billion), Germany (over €2 billion), the Netherlands including FMO (€250 million), Portugal (€113 million), Denmark (€81 million), Sweden (€44 million), Austria (€5 million), and Ireland (€5 million). The EBRD also announced a separate investment exceeding €600 million.
The African Development Bank (AfDB), a strategic partner in the campaign, pledged to allocate at least 20% of the African Development Fund’s 17th replenishment to renewable energy projects. Norway also committed approximately €53 million through its contribution to the Fund for the 2026–2028 period.
Beyond financial pledges, the campaign secured commitments expected to generate 26.8 gigawatts of renewable energy capacity and deliver reliable electricity to 17.5 million households currently lacking consistent power.
The substantial investment marks one of the most ambitious renewable energy initiatives ever launched between Europe and Africa. Leaders say the effort represents not only a boost to climate resilience and economic development, but also a deepening of strategic cooperation between the two continents as they navigate global energy and security challenges.
