Rivy, a climate finance company committed to driving clean energy adoption across Nigeria, has launched its carbon finance platform. The platform has successfully registered solar minigrids in Nigeria for Renewable Energy Certificates (RECs).
When an asset owner (someone who owns a renewable energy facility, such as a solar minigrid) generates electricity, Rivy helps convert this electricity generation to RECs. One REC validates that one megawatt (MW) is generated from a renewable source. RECs can be sold to buyers looking to achieve ‘Net Zero’ status by offsetting their CO2 emissions. With this shift, Rivy has created a marketplace that bridges Nigerian solar asset owners to international carbon markets to earn in U.S. dollars.
Within a month, through its carbon finance platform, the company has increased the supply of RECs from solar assets in Nigeria by 25%. Through partnering with Rivy, solar asset owners and developers diversify their income, making solar projects more financially viable.
According to the United Nations Development Programme (UNDP), by 2030, carbon markets in Africa can be worth up to US$6 billion, creating 30 million green jobs. Rivy recognised the advancement of carbon markets in East Africa, yet not in Nigeria, leading to the launch of the Carbon Finance platform. In June, the Lagos State government announced the launch of Africa’s largest cookstove initiative, targeted to generate about 1.2 million tonnes of emission credits by providing cleaner cooking equipment to millions of households. While the carbon market is still developing, with Nigeria’s carbon market framework to generate $500 million annually, the supply of clean energy assets is still limited. Rivy wants to change this by making it easier for the Nigerian carbon market to catch up with other countries.
In August, the company launched EnergyStack, a curated storefront for renewable energy products from solar panels to batteries to inverters, as part of its commitment to promote clean energy.
Rivy’s business model generally serves customers as well as enterprises and business owners. Its other features, such as debt financing, allow clean energy vendors and end users to finance clean energy equipment and receive funding in as little as 24 hours.
Since its inception, Rivy has disbursed over ₦43 billion and approved 38,000 loans. With increased debt financing, Rivy is empowering households and businesses to switch to sustainable solar solutions, creating monetisation channels for solar asset owners and encouraging further investment in the Nigerian energy market.
To learn more, follow Rivy on social media: @rivyhq and @energystackbyrivy. To get started with Carbon Finance by Rivy, head over to rivy.co
