Solad Hits Carbon Market with First Renewable Energy Certificate Sale

Peter Uzoho

Investor and operator of distributed energy solutions, Solad Power Group, has through its subsidiary, Solad Integrated Power Solutions, 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 major energy-finance platform, Solad said this achievement underscored both emerging climate leadership and the importance of Nigeria’s expanding carbon market.

The company announced the breakthrough in a statement, noting that the milestone represents 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, Solad assured them that 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.

According to the statement, Solad’s inaugural sale of I-RECs for its solar power generation in Iponri market, Lagos, signals increasing international confidence in Nigeria’s climate-positive initiatives.

The clean energy developer added that I-RECs 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.

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.

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

Chief Executive Officer 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.”

Also, Chief Executive Officer 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.”

On her part, Chief Executive Officer 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.”

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.

The company views carbon finance as a crucial utility for environmental impact and a catalyst for economic inclusion.

Solad said it now looks forward to creating more opportunities for increased participation in the carbon trading markets.