Nigeria advances in carbon markets with Solad’s first international renewable energy certificate sale

Solad Power Group, through its subsidiary Solad Integrated Power Solutions (Solad), has marked a major milestone in Nigeria’s clean energy transition with the successful sale of its first International Renewable Energy Certificates (I-RECs).

Facilitated through a partnership with Rivy, a leading energy-finance platform, this achievement underscores both Solad’s emerging climate leadership and the importance of Nigeria’s expanding carbon market.

A new chapter for Nigeria’s carbon economy

I-RECs are globally recognised market-based tradable instruments that certify electricity
generated from renewable sources such as solar and wind. Each certificate represents a
megawatt-hour of clean energy produced. For companies seeking to reduce their carbon footprint, I-RECs play a transparent, verifiable and crucial role to offset greenhouse gas emissions while
guaranteeing the sustainability and continued operations and maintenance of clean energy projects.

Solad’s inaugural sale of I-RECs for its solar power generation in Iponri market, signals increasing international confidence in Nigeria’s climate-positive initiatives. It also aligns with the Federal Government’s recent launch of a national carbon market framework, which is expected to unlock
up to $3 billion in climate finance annually by 2030.

A key component of the framework is the new National Carbon Registry which requires companies to disclose and publish their annual emissions generated from their operations; a move designed to boost transparency and accelerate decarbonisation across the economy.

Building trust through transparency

By executing this transaction through a reputable intermediary, Solad and Rivy have set a strong benchmark for credibility, transparency, accountability, and market confidence in Nigeria’s growing carbon finance and carbon offset ecosystem.

The collaboration demonstrates how
structured carbon trading can reduce the cost of deploying clean energy infrastructure, particularly solar minigrids that power underserved communities.

Stakeholders speak

Yewande Olagbende, CEO of Solad said “This transaction is a notable achievement for Nigeria’s climate transition and demonstrates the vital role the carbon market plays in helping to meet sustainability goals”.

“Selling our first I-REC’s confirms that sustainable business can drive
economic value and environmental stewardship simultaneously. We are immensely proud to contribute to Nigeria’s emerging presence in the global carbon economy,” Olagbende added.

Dami Olawoye, CEO of Rivy said “Rivy is proud to have facilitated the issuance and sale of Renewable Energy Certificates on behalf of Solad, made possible by our shared commitment to making energy certificates work in Nigeria. We see this as a critical step toward reducing the costs of deploying and operating solar minigrids across Africa.”

Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All (SEforALL) said, “Sustainable Energy for All is proud to be a longstanding partner of SOLAD, and we are thrilled to see the sale of its first International Renewable Energy
Certificates (I-RECs). This milestone marks an important step in making energy certificates work in Nigeria, and we believe it will play a critical role in reducing the cost of deploying and operating solar minigrids helping accelerate clean energy access across Nigeria and the wider African
continent.”

Looking forward

With this first I-REC sale completed, Solad is poised to deepen its participation in carbon markets, expand its climate-focused initiatives and attract strategic partners committed to Africa’s sustainable energy future.

Solad views carbon finance as a crucial utility for environmental impact and a catalyst for economic inclusion. The company looks forward to creating more opportunities for increased participation in the carbon trading markets.