The International Finance Corporation signed a $40 million convertible loan agreement with EDF Power Solutions to expand off-grid solar access across Africa. Announced by Ethiopis Tafara, the deal blends IFC capital with private investor funds to scale pay-as-you-go solar systems for households and small businesses in rural and underserved areas. The funding supports Mission 300, the World Bank and African Development Bank initiative aiming to connect 300 million Africans to electricity by 2030.
The investment targets Africa’s electricity gap, where about 600 million people still lacked power in 2025, mostly in sub-Saharan Africa. Pay-as-you-go solar lets users pay in installments for equipment, making it more affordable where national grids are slow to expand. Development finance institutions are increasingly backing decentralized renewables like solar home systems and mini-grids as demand rises and pressure to cut fossil fuel use grows.
