Rural Electrification Agency (REA) of Nigeria and CarbonAi have signed a Memorandum of Understanding (MOU) to develop rural solar energy projects.
The deal is to identify and develop small-scale solar energy projects in that country. The projects will be funded by proceeds from carbon credits that are generated through CarbonAi-financed and developed flare gas capture projects in Nigeria.
REA will apply its knowledge of Nigeria’s rural electrification requirements and programmes to identify appropriate project opportunities and liaise with local communities. CarbonAi, in turn, will apply its carbon finance and project development expertise to finance, design and construct the projects. The company will also quantify, verify and monetise greenhouse gas (GHG) emissions reductions using its proprietary data management platform.
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