Ivory Coast – The African Development Bank Group has approved a $5.65 million reimbursable grant from the Sustainable Energy Fund for Africa (SEFA) to pilot the groundbreaking Peace Renewable Energy Certificate (P-REC) Aggregation Facility. This innovative initiative will, for the first time, use renewable energy certificates as a direct financing tool to support mini-grid projects in some of Africa’s most fragile and energy-deficient regions.
The facility is co-financed by the Nordic Development Fund, which is contributing an equivalent $5.65 million, bringing the total funding to $11.3 million. It will be managed by Camco Clean Energy, a climate and impact fund manager, alongside Energy Peace Partners, a U.S.-based non-profit and the developer of the P-REC certification model.
Unlike conventional renewable energy certificates, P-RECs are generated exclusively from small-scale mini-grid projects in conflict-affected and underserved communities. These certificates are purchased voluntarily by multinational corporations seeking to channel their sustainability investments into projects with meaningful social and environmental impact.
The facility will sign long-term purchase agreements with eligible mini-grid developers across 14 frontier markets: Burundi, Central African Republic, Chad, Democratic Republic of Congo, Ethiopia, Liberia, Mali, Niger, Nigeria, Sierra Leone, Somalia, South Sudan, Sudan, and Uganda. Developers will receive upfront payments in exchange for future P-RECs, enabling access to much-needed capital in markets where financing options remain limited. The certificates will then be sold to global buyers, ensuring a steady flow of hard currency back into these projects.
The initiative is expected to deliver first-time electricity access to approximately 856,000 people—about half of them women—through around 240,000 new connections and the addition of 71 megawatts of renewable energy capacity.
This effort aligns with Mission 300, a joint initiative by the African Development Bank and the World Bank aimed at connecting 300 million Africans to electricity by 2030. The Nordic Development Fund is supporting these ambitions through its extensive renewable energy portfolio and participation in the Development Partner Coordination Group.
João Duarte Cunha of the African Development Bank noted that limited access to capital remains a major barrier to rural electrification, particularly in fragile states. He emphasized that the P-REC facility represents a pioneering climate finance solution capable of unlocking new private sector investment.
Satu Santala, Managing Director of the Nordic Development Fund, highlighted the urgency of expanding clean energy access in conflict-affected regions, noting that the initiative reinforces global climate leadership through innovation and partnership.
Geoff Sinclair, CEO of Camco, described the facility as a source of affordable, non-dilutive capital that will expand energy access, create jobs, and improve living standards.
Sherwin Das of Energy Peace Partners added that the initiative transforms corporate climate commitments into tangible funding, accelerating renewable energy deployment in regions where it can have the greatest impact on health, education, and security.
