Peace Renewable Energy Certificate (P-REC) Aggregation Facility

awarded

The African Development Bank Group’s Board of Directors approved a $5.65 million reimbursable grant from the Sustainable Energy Fund for Africa (SEFA) to pilot the Peace Renewable Energy Certificate (P-REC) Aggregation Facility. This initiative will deploy renewable energy certificates as a direct funding instrument for a portfolio of mini-grids across 14 of Africa’s most fragile and energy-poor countries. Co-financed with the Nordic Development Fund (NDF) with an equivalent commitment, the $11.3 million facility will be managed by Camco Clean Energy and Energy Peace Partners. It aims to provide upfront cash payments to mini-grid developers in exchange for the rights to renewable energy certificates, which will be sold to global corporate buyers. The project expects to provide reliable electricity access to approximately 856,000 people through 240,000 new connections and 71 MW of new renewable energy capacity.