Microsoft Executes First-Ever Peace Renewable Energy Credit (P-REC) Transaction

Advertisement

BEGIN ARTICLE PREVIEW:

(Credit: Nuru)
The first-ever Peace Renewable Energy Credit (P-REC) transaction has been executed by Microsoft with Energy Peace Partners (EPP) and project developer Nuru. P-REC’s are international renewable energy certificates with a supplementary label from issuer EPP certifying that there are co-benefits associated with the new renewable energy generation. These benefits include being in countries that are characterized by high risk of conflict, high vulnerability to climate change, low levels of electrification and limited access to renewable energy finance.
The new agreement has Microsoft purchasing P-RECs from EPP is for a new solar project in the Democratic Republic of the Congo (DRC), which will directly finance the installation of streetlights in a recently electrified neighborhood in Goma. The streetlights are connected to the same solar-plus-storage system which generates the electricity associated with the P-RECs. The transaction was facilitated by renewable energy specialist 3Degrees.
The transaction unlocks a new renewable energy attribute option that other organizations can now leverage to drive renewable projects in underserved communities around the globe, Microsoft says.
The P-RECs purchased by Microsoft will be issued by EPP from Congolese solar developer Nuru’s newly commissioned 1.3 MW commercial solar-plus-storage project in Goma’s Ndosho neighborhood. Goma is …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE