- Solad Power Group has completed its first sale of International Renewable Energy Certificates through its Lagos solar project.
- The deal, executed with Rivy, signals growing momentum for carbon markets and clean energy financing in Nigeria.
Solad Power Group has recorded a milestone in Nigeria’s renewable energy sector. The company completed the sale of its first International Renewable Energy Certificates (I-RECs).
It executed the transaction through its subsidiary, Solad Integrated Power Solutions. In addition, it partnered with energy finance platform Rivy to complete the deal.
I-RECs certify electricity generated from renewable sources such as solar and wind. Companies trade them to reduce carbon footprints and demonstrate commitment to clean energy.
Solad generated the certificates from solar power at its Iponri Market project in Lagos. As a result, the transaction reflects growing investor confidence in Nigeria’s climate initiatives and carbon finance ecosystem.
The company said the development aligns with the Federal Government’s efforts to establish a national carbon market framework. This framework aims to attract climate finance and accelerate decarbonisation across key sectors.
Under the framework, companies must disclose annual greenhouse gas emissions. They will do this through a National Carbon Registry to improve transparency and support climate action.
Solad explained that it used a recognised intermediary to execute the transaction. This approach enhances transparency and accountability in Nigeria’s emerging carbon-trading system.
Furthermore, the company said its collaboration with Rivy highlights the benefits of structured carbon trading. Specifically, it can reduce the cost of deploying solar mini-grids in underserved communities.
The Chief Executive Officer of Solad, Yewande Olagbende, said the milestone shows the growing importance of carbon markets.
She 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-RECs 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.”
Meanwhile, the Chief Executive Officer of Rivy, Dami Olawoye, said the deal will improve the economics of renewable energy projects.
He 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 mini-grids across Africa.”
Also, the Chief Executive Officer and Special Representative of the United Nations Secretary-General for Sustainable Energy for All, Damilola Ogunbiyi, described the transaction as significant for Nigeria’s energy transition.
She 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. 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 mini-grids, helping accelerate clean energy access across Nigeria and the wider African continent.”
In addition, Solad said it will deepen its participation in global carbon markets. It also plans to expand climate-focused initiatives to attract more investors.
The company added that carbon finance remains a key tool. It supports environmental sustainability while promoting economic inclusion by improving access to clean energy.