The African Development Bank Group (AfDB) has approved a USD 5.65 million reimbursable grant from the Sustainable Energy Fund for Africa to pilot the peace renewable energy certificate (P-REC) aggregation facility.
The initiative will use renewable energy certificates as a primary financing mechanism to support a portfolio of mini-grid projects across Africa. Furthermore, the facility will sign long-term agreements with mini-grid developers across 14 countries: Burundi, Central African Republic, Chad, the Democratic Republic of Congo, Ethiopia, Liberia, Mali, Niger, Nigeria, Sierra Leone, Somalia, South Sudan, Sudan, and Uganda.