Grantee P-REC Aggregation Facility has secured USD 11.3 million in new funding from the African Development Bank (AfDB) and the Nordic Development Fund.
The funding – split evenly between AfDB’s Sustainable Energy Fund for Africa (SEFA) and the Nordic Development Fund – will support a pilot of the facility. The initiative provides upfront financing to mini-grid developers across 14 energy-poor countries in Sub-Saharan Africa in exchange for renewable energy certificates, which are then sold to multinationals seeking high-impact sustainability investments.
The facility is expected to enable first-time access to reliable electricity for approximately 856,000 people, roughly half of whom are women.