AfDB Approves $5.65M Grant to Launch Innovative ”Peace Renewable Energy Credits” Facility
The African Development Bank (AfDB) has announced the approval of a $5.65 million reimbursable grant from the Sustainable Energy Fund for Africa (SEFA) to pilot a first-of-its-kind aggregation facility for Peace Renewable Energy Credits (P-RECs). This pioneering initiative aims to utilize renewable energy credits as a direct financing tool for mini-grid projects in Africa's most fragile and energy-poor nations.
The project is co-financed by the Nordic Development Fund (NDF), which has pledged a matching $5.65 million, bringing the facility’s total capacity to $11.3 million. Managed by Camco Clean Energy in partnership with the U.S.-based non-profit Energy Peace Partners, the facility will issue credits from renewable energy projects in conflict-affected regions. These credits are sold voluntarily to multinational corporations looking to maximize the environmental and social impact of their sustainability investments.