Empower New Energy join forces with the African Development Bank Group to develop high-quality carbon credits for Distributed Renewable Energy in Africa. Individually, solar projects with private offtakers are too small to carry the costs of certification, prohibiting the development of making distributed solar eligible for carbon finance.
With the support form the AfDB-managed Sustainable Energy Fund for Africa (SEFA) Empower targets to launch the certification due-diligence process for a portfolio of distributed solar energy projects across Africa, hereby also supporting the ongoing work by the Africa Carbon Markets Initiative (ACMI) and others to make buyers of carbon credits aware of the huge opportunities in Africa.
As a result of the SEFA support, Empower plans to add an additional USD 49 million in investment for decentralised renewables across the continent, avoiding an extra 180,000 tonnes of CO2 per annum.
