By Abdullahi Lukman
Investor and distributed energy solutions provider Solad Power Group has achieved a significant milestone in Nigeria’s clean energy transition with the successful sale of its first International Renewable Energy Certificates (I-RECs) through its subsidiary, Solad Integrated Power Solutions.
The transaction, facilitated in partnership with Rivy, highlights growing momentum in Nigeria’s carbon market and signals increasing investor confidence in the country’s climate initiatives.
In a statement announcing the development, Solad described the sale as a landmark moment for Nigeria’s emerging carbon economy.
I-RECs are globally recognised tradable instruments that certify electricity generated from renewable sources such as solar and wind, with each certificate representing one megawatt-hour of clean energy.
The company noted that I-RECs provide businesses with a transparent and verifiable means of offsetting greenhouse gas emissions, while also supporting the sustainability and maintenance of renewable energy projects.
Solad’s first I-REC sale is tied to its solar power generation project at Iponri Market in Lagos, underscoring international confidence in Nigeria’s climate-positive investments.
The development aligns with the Federal Government’s recently introduced national carbon market framework, which is projected to unlock up to $3 billion in climate finance annually by 2030.
Central to the framework is the National Carbon Registry, which mandates companies to disclose and publish annual emissions to enhance transparency and accelerate decarbonisation.
By executing the transaction through a structured and credible platform, Solad and Rivy have set a benchmark for transparency, accountability and market integrity within Nigeria’s growing carbon finance ecosystem.
According to the company, the collaboration demonstrates how carbon trading can lower the cost of deploying clean energy infrastructure, particularly solar minigrids in underserved communities.
Chief Executive Officer of Solad, Yewande Olagbende, described the sale as a major step forward for Nigeria’s climate ambitions, noting that it proves sustainable business models can deliver both economic and environmental value.
Similarly, the CEO of Rivy said the partnership marks a critical step toward making renewable energy certificates more accessible and effective in Nigeria, particularly in reducing the cost of solar minigrid deployment across Africa.
Also reacting, Damilola Ogunbiyi, Chief Executive Officer of Sustainable Energy for All, praised the achievement, describing it as an important advancement in scaling clean energy access across Nigeria and the African continent.
Following the successful transaction, Solad said it plans to expand its role in carbon markets, scale its climate-focused projects and attract strategic partners committed to Africa’s sustainable energy future.
The company added that it views carbon finance not only as a tool for environmental impact but also as a driver of economic inclusion.