Solad Energy leads first intl carbon certificates sale

Clear vitality firm Solad Energy Group has marked a milestone in Nigeria’s renewable vitality sector with the profitable sale of its first Worldwide Renewable Vitality Certificates.

The transaction was executed via the corporate’s subsidiary, Solad Built-in Energy Options, in partnership with vitality finance platform Rivy, marking a notable step in Nigeria’s participation within the world carbon market.

I-RECs are internationally recognised devices that certify electrical energy generated from renewable sources equivalent to photo voltaic and wind. Every certificates could be traded by firms in search of to scale back their carbon footprint and exhibit their dedication to sustainable vitality use.

Solad mentioned the certificates have been generated from solar energy produced at its Iponri Market mission in Lagos, reflecting rising investor confidence in Nigeria’s climate-positive initiatives and the increasing carbon finance ecosystem.

The corporate added that the event aligns with the Federal Authorities’s efforts to determine a nationwide carbon market framework, geared toward attracting local weather finance and accelerating decarbonisation throughout key sectors of the financial system.

Beneath the framework, firms are anticipated to reveal their annual greenhouse fuel emissions via a Nationwide Carbon Registry to reinforce transparency and help local weather motion initiatives.

Solad defined that executing the I-REC transaction via a recognised middleman was meant to strengthen transparency and accountability inside Nigeria’s rising carbon-trading ecosystem.

The corporate famous that its collaboration with Rivy demonstrates how structured carbon buying and selling can cut back the price of deploying clear vitality infrastructure, notably photo voltaic mini-grids designed to energy underserved communities.

Chief Govt Officer of Solad, Yewande Olagbende, mentioned the milestone displays the rising function of carbon markets in supporting local weather motion and sustainable improvement.

“This transaction is a notable achievement for Nigeria’s local weather transition and demonstrates the very important function the carbon market performs in serving to to fulfill sustainability targets. Promoting our first I-RECs confirms that sustainable enterprise can drive financial worth and environmental stewardship concurrently. We’re immensely proud to contribute to Nigeria’s rising presence within the world carbon financial system,” she mentioned.

CEO of Rivy, Dami Olawoye, described the transaction as a step towards enhancing the economics of renewable vitality initiatives in Nigeria and throughout Africa.

“Rivy is proud to have facilitated the issuance and sale of renewable vitality certificates on behalf of Solad, made attainable by our shared dedication to creating vitality certificates work in Nigeria. We see this as a essential step towards lowering the prices of deploying and working photo voltaic mini-grids throughout Africa,” Olawoye mentioned.

Commenting on the event, CEO and Particular Consultant of the United Nations Secretary-Normal for Sustainable Vitality for All, Damilola Ogunbiyi, described the transaction as a significant step in strengthening the function of renewable vitality certificates in Nigeria’s vitality transition.

“Sustainable Vitality for All is proud to be a longstanding accomplice of Solad, and we’re thrilled to see the sale of its first Worldwide Renewable Vitality Certificates. This milestone marks an essential step in making vitality certificates work in Nigeria, and we imagine it should play a essential function in lowering the price of deploying and working photo voltaic mini-grids, serving to speed up clear vitality entry throughout Nigeria and the broader African continent,” Ogunbiyi mentioned.

Solad acknowledged that following the completion of its first I-REC transaction, it plans to deepen its participation in world carbon markets whereas increasing climate-focused initiatives to draw strategic buyers to Nigeria’s renewable vitality sector.

The corporate added that carbon finance stays a key instrument for driving environmental influence whereas supporting financial inclusion via expanded entry to scrub and dependable vitality options.