Nigeria Steps Forward in Global Carbon Markets
Pecohub Solad Power Group, through its subsidiary Solad Integrated Power Solutions, has recorded a major milestone in Nigeria’s clean energy transition with the successful sale of its first International Renewable Energy Certificates (I-RECs).
The transaction, facilitated in partnership with Rivy, highlights Solad’s growing climate leadership and underscores the rising relevance of Nigeria’s carbon market.
I-RECs are globally recognised, tradable instruments that certify electricity generated from renewable sources such as solar and wind. Each certificate represents one megawatt-hour of clean energy produced, offering companies a transparent and verifiable way to offset greenhouse gas emissions while supporting the sustainability of renewable energy projects.
Solad’s inaugural I-REC sale—linked to its solar power generation project in Iponri Market—signals increasing international confidence in Nigeria’s climate-positive initiatives. The development also aligns with the Federal Government’s newly launched national carbon market framework, projected to unlock up to $3 billion in climate finance annually by 2030.
A central feature of this framework is the National Carbon Registry, which mandates companies to disclose and publish their annual emissions. The initiative is designed to enhance transparency and accelerate decarbonisation across key sectors of the economy.
By executing the transaction through a credible intermediary, Solad and Rivy have set a strong benchmark for transparency, accountability and trust in Nigeria’s emerging carbon finance ecosystem. Their collaboration demonstrates how structured carbon trading can lower the cost of deploying clean energy infrastructure—particularly solar mini-grids that serve underserved communities.
Chief Executive Officer of Solad, Yewande Olagbende, described the deal as a landmark achievement.
“This transaction represents a significant step in Nigeria’s climate transition and highlights the vital role of carbon markets in achieving sustainability goals. Selling our first I-RECs shows that sustainable business can deliver both economic value and environmental impact.”
Similarly, CEO of Rivy, Dami Olawoye, emphasised the broader impact of the deal.
“We are proud to have facilitated this transaction. It is a critical step toward reducing the cost of deploying and operating solar mini-grids across Africa.”
Also commenting, Damilola Ogunbiyi, Chief Executive Officer and Special Representative of the UN Secretary-General for Sustainable Energy for All, said the milestone would help accelerate clean energy access.
“This achievement marks an important step in making energy certificates work in Nigeria and will play a key role in expanding affordable clean energy access across the country and the wider African continent.”
Following the successful sale, Solad is set 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 not just as an environmental tool, but as a catalyst for economic inclusion and long-term growth, positioning itself at the forefront of Nigeria’s evolving clean energy landscape.
