Nigerian Small-Scale Solar Energy Projects To Be Developed by CarbonAi Inc.

In order to find and create small-scale solar energy projects in Nigeria, CarbonAi Inc. (CarbonAi) and the Rural Electrification Agency (REA) of that nation have signed a memorandum of understanding (MOU).

The projects’ funding will come from the carbon credits that Nigerian flare gas capture projects built and financed by CarbonAi would produce.

In accordance with the MOU, the parties would look into funding and developing solar energy projects in untapped or underserved areas close to CarbonAi’s flare gas capture facilities in Nigeria.

The REA will use its understanding of Nigeria’s rural electrification policies and programs to find suitable project possibilities and communicate with regional groups.

In turn, CarbonAi will use its knowledge in carbon finance and project development to fund, plan, and build the projects.
Using its exclusive data management platform, the company will also quantify, validate, and profit from reductions in greenhouse gas (GHG) emissions.

The Nigerian Federal Government’s Ministry of Power oversees the REA as an implementation agency.
In Nigeria’s underserved and unserved rural communities, it is largely responsible for promoting and expanding access to electricity.

CarbonAi is a pioneer in the development of solutions for the quantification and monetization of GHG emissions and fully integrated GHG reduction projects.

The company, which has offices in Calgary and Dubai, offers full-cycle flare gas capture services in Africa and the Middle East, including project financing, design, and construction as well as measurement, verification, and sale of carbon credits.

The Federal Ministry of Power has charged the Rural Electrification Agency (REA), the FGN’s implementing agency, with the mission of electrifying unserved and underserved communities in order to spur economic growth and enhance the quality of life for Nigerians.

In order to carry out its mission, the REA is now managing the Nigeria Electrification Project (NEP), the Rural Electrification Fund (REF), and a number of other programs.

For the Nigerian electrification project, REA has secured funding totaling $550 million ($350 million from the World Bank and $200 million from the African Development Bank), as well as an additional $11 million for the Rural Electrification Fund, which will be used to deploy solar hybrid mini grids and solar home systems.

Source: Oriental News Nigeria.

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