First repeat Peace REC (P-REC) transaction to expand funding for Goma solar project
The transaction was once again facilitated by 3Degrees, a leading global climate solutions provider that has worked on all P-REC deals to date.
SAN FRANCISCO, May 17, 2022 /PRNewswire/ -- The inaugural Peace Renewable Energy Credit (P-REC) purchase from 2020 is expanding with a new purchase by Microsoft of credits from solar projects in Goma, Democratic Republic of the Congo (DRC). This agreement, executed by Microsoft and project developer Nuru, with support from Energy Peace Partners (EPP), makes Microsoft the first repeat P-REC buyer and is also the largest P-REC deal transacted to date. The transaction was once again facilitated by 3Degrees, a leading global climate solutions provider that has worked on all P-REC deals to date. The team jointly announced the deal at the Sustainable Energy for All Forum taking place in Kigali, Rwanda this week.
P-RECs are international renewable energy certificates (I-RECs) that support high impact renewable energy projects in fragile, climate vulnerable countries. P-RECs are a supplementary label developed and issued by EPP, certifying the co-benefits associated with the new renewable energy generation.
Microsoft's initial P-REC purchase funded the installation of public streetlights connected to Nuru's 1.3MW solar minigrid in the Ndosho neighborhood of Goma. This second purchase expands the project in Ndosho by supporting first-time electricity connections for households, businesses, and social institutions, and deploying additional streetlights that improve nighttime security in the community and allow local businesses and markets to operate during evening hours. The purchase also contributes directly to the financing of Nuru's new 3.7 MW solar metro-grid anticipated to serve nearly 20,000 direct beneficiaries in Goma. Together, the projects will constitute one of the largest off-grid mini-grids operating in Sub-Saharan Africa, eventually benefitting 125,000 people and raising the average electricity rate from 3% to around 20%.
"By expanding the impact of this project, Microsoft is helping to enable meaningful access to electricity for a large portion of the area's residents," said Elizabeth Willmott, Carbon Program Director, Microsoft.
"We are thrilled to continue to support Microsoft as they further their commitment to Peace RECs with this meaningful second investment in the Goma solar project," said Steve McDougal, CEO, 3Degrees. "It's incredibly rewarding to work on renewable energy procurements like this that will ultimately make such a positive, direct difference in the lives of people in that community. We appreciate the partnership with EPP and Nuru and the opportunity to collaborate with them, once again, to help make this largest-ever P-REC transaction a reality."
SOURCE 3Degrees
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