The European Investment Bank (EIB) has announced plans to commit more than €2 billion ($2.3 billion) over the next two years to support renewable energy projects across Africa.

The funding will back the development of hydroelectric, solar, and wind power plants, as well as upgrades and expansions to the continent’s transmission and distribution networks, according to Reuters.

EIB Vice President Ambroise Fayolle is expected to provide further details on the funding during a European Union–African Union summit in Luanda, Angola.

The commitment builds on earlier EU efforts. In September, the European Union unveiled a €545 million ($638 million) programme aimed at accelerating renewable energy investments in Africa. That package seeks to expand electrification, modernise power grids, and improve access to clean and reliable energy.

Despite Africa’s enormous renewable energy potential, nearly 600 million people on the continent still lack access to electricity. The European Commission has highlighted that initiatives like these could support the creation of up to 38 million green jobs by 2030.

Business Insider Africa reported that the programme will target projects in nine countries: Cameroon, the Central African Republic, the Republic of Congo, Côte d’Ivoire, Ghana, Lesotho, Madagascar, Mozambique, and Somalia.