Several African nations have committed to open up their electricity sectors to attract investors and light up the homes of 300 million people currently lacking power over the next six years. "Mission 300" is driving the agenda at a two-day energy summit in Tanzania.
Nearly 600 million Africans live without access to electricity – higher than any other continent.
A plan dubbed "Mission 300", launched by the World Bank and the African Development Bank (AfDB) last April, is now racing to connect half of those homes to power by 2030.
The push aims to unlock at least $90 billion (€85 billion) in capital from multilateral development banks, development agencies, finance institutions, private businesses and philanthropies, according to the Rockefeller Foundation, which is part of the initiative.
"We want to expand and rehabilitate our electricity grids using the least cost possible," said Kevin Kariuki, vice president for infrastructure at the AfDB during a two-day energy summit of African heads of state in Tanzania's commercial capital, Dar es Salaam.
In Nigeria, an estimated 90 million people, 40 percent of the population, don't have access to electricity. The country, along with Senegal, Zambia and Tanzania is one of a dozen that committed Monday to reform their electricity utility companies, push renewable energy integration and raise targets to improve access national electricity.
Multilateral development banks and commercial banks represented at the summit will use the country's commitments to persuade their clients to invest in Africa's energy sectors, said World Bank President Ajay Banga.
Providing 300 million people with access to electricity is a crucial building block for boosting Africa's development by creating new jobs, Banga said.
The World Bank expects to spend $30-40 billion on the plan, Banga said, while the AfDB will provide $10-15 billion. The rest will come from private investors and other sources.
"The World Bank will pay countries as part of our support only when they make the (regulatory and policy) changes," Banga said.
Private capital has in the past blamed unfriendly regulations, red tape and currency risks for making investments in Africa's electricity sector hard.
Half of the targeted new connections will get electricity from existing national grids, the World Bank and the AfDB said, while the other half will be from renewable energy sources, including wind and solar mini-grids.
While Africa may have the most potential to generate solar power, according to the International Energy Agency (IEA), the continent has not yet installed enough capacity.