Solad Power Group Achieves Milestone in Nigeria’s Clean Energy Transition
Solad Power Group, through its subsidiary Solad Integrated Power Solutions, has made significant strides in Nigeria’s clean energy sector by successfully selling its first International Renewable Energy Certificate (I-REC). This achievement marks a pivotal moment in the country’s shift towards renewable energy sources.
The accomplishment, achieved in partnership with Livi—a prominent energy finance platform—reflects Nigeria’s emerging leadership in climate action and highlights the advancing importance of its carbon market. Mr. Solado articulated that this milestone signals a new era in Nigeria’s carbon economy.
The I-REC is a globally recognized tradable instrument that certifies electricity generated from renewable sources such as solar and wind. Each certificate represents one megawatt-hour of clean energy produced.
For corporations seeking to diminish their carbon footprint, Mr. Solado emphasized the role of I-REC in providing a transparent and verifiable mechanism to offset greenhouse gas emissions. He assured that this initiative would support the sustainability and ongoing maintenance of renewable energy projects.
Solad’s inaugural I-REC sale, linked to solar power generation at the Iponri market in Lagos, demonstrates the growing international confidence in Nigeria’s climate-positive initiatives. Furthermore, this sale aligns with the federal government’s newly launched national carbon market framework, which aims to secure up to $3 billion in climate finance annually by 2030.
A cornerstone of this framework is the establishment of a national carbon register, mandating companies to disclose their annual emissions. This initiative seeks to enhance transparency and accelerate the decarbonization of Nigeria’s economy.
By collaborating with a trusted intermediary, Solad and Livi have set a valuable precedent for trust and accountability within Nigeria’s burgeoning carbon finance and carbon offset markets. This partnership illustrates how structured carbon trading can lower the costs associated with deploying renewable energy infrastructure, especially solar mini-grids designed to serve underserved communities.
Yewande Olagbende, CEO of Solad, noted that this transaction is a noteworthy achievement for Nigeria in the realm of climate change, underscoring the vital role carbon markets play in achieving sustainability objectives. She expressed pride in their contributions to Nigeria’s ascending role in the global carbon economy.
Additionally, Livi’s CEO stated his pride in facilitating the issuance and sale of renewable energy certificates on behalf of Solad, emphasizing their shared commitment to advancing energy certificates in Nigeria. This, he believes, is a crucial step toward lowering the costs of deploying and managing solar mini-grids throughout Africa.
Damilola Ogunbiyi, CEO of Sustainable Energy for All (SEforALL) and Special Representative of the United Nations Secretary-General, expressed pride in being a long-time partner of Solad and celebrated the significance of the first I-REC sale. She views this milestone as a key step in making energy certificates effective in Nigeria, potentially accelerating access to clean energy across the wider African continent.
As Solad moves forward with this significant I-REC sale, the company is poised to enhance its involvement in carbon markets, broaden its climate change initiatives, and attract strategic partners dedicated to fostering Africa’s sustainable energy future. The focus on carbon finance is seen as a vital tool for mitigating environmental impact and promoting economic inclusion. Mr. Solado anticipates creating additional opportunities for broader participation in the carbon trading market.
