- REA and CarbonAi sign MoU to develop rural solar energy projects.
- Proceeds from carbon credits will fund the projects.
The Nigeria Rural Electrification Agency (REA) and CarbonAi have signed a Memorandum of Understanding (MOU) to develop rural solar energy projects.
CarbonAi will identify and develop small-scale solar energy projects in Nigeria. The projects will be funded by proceeds from carbon credits generated through CarbonAi-financed- and developed- flare gas capture projects there.
Under the MoU, the parties will explore opportunities to finance and develop solar energy projects in Nigeria’s unserved or underserved communities near CarbonAi’s flare gas capture projects. In addition, REA will apply its knowledge of Nigeria’s rural electrification requirements and programmes to identify appropriate project opportunities and liaise with local communities.
CarbonAi, in turn, will apply its carbon finance and project development expertise to finance, design and construct the projects. The company will also quantify, verify and monetise greenhouse gas (GHG) emissions reductions using its proprietary data management platform.