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

CEO of Solad, Yewande Olagbende 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.”

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.”

CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All (SEforALL), Damilola Ogunbiyi 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. We view carbon finance as a crucial utility for environmental impact and a catalyst for economic inclusion. We look forward to creating more opportunities for increased participation in the carbon trading markets.

About Solad

Established in 2017, SOLAD is an investor, developer and operator of distributed energy solutions that deliver clean, reliable, and affordable power to unconnected or underserved businesses, services, and communities. The company believes that delivering clean, reliable and affordable power to the hundreds of millions of African households, service providers and businesses that are currently not connected to, or are under-served by the grid, has the potential to have an unrivalled social, economic and environmental impact on the continent, catalysing growth and driving inclusion.

About Rivy

Rivy is accelerating Nigeria’s clean energy transition by delivering innovative debt and carbon finance solutions. Rivy also enables seamless equipment procurement through its EnergyStack platform.