US technology giant Microsoft Corporation (NASDAQ:MSFT) has made a second investment in Peace Renewable Energy Credits (P-RECs) linked to a solar project in the Democratic Republic of the Congo (DRC).
After making its first purchase in 2020, Microsoft has now taken part in the largest P-REC deal transacted to date, while also becoming the first repeat buyer of this type of international renewable energy certificates (I-RECs) issued by Energy Peace Partners (EPP), according to a news release on Tuesday.
The computer software major has entered into an agreement with DRC-based mini-grid developer Nuru. The deal was facilitated by global climate solutions provider 3Degrees.
Microsoft's first P-REC purchase financed the installation of public streetlights connected to Nuru's 1.3-MW solar mini-grid in the Ndosho neighbourhood of Goma. Now, the new deal contributes directly to the financing of Nuru's new 3.7-MW solar metro-grid in Goma and will expand the initial project in Ndosho by supporting first-time electricity connections for homes, businesses and social institutions.
The announcement states that these projects will form one of the largest off-grid mini-grids operating in Sub-Saharan Africa, eventually benefiting 125,000 people. It is expected to raise the average electricity rate from 3% to around 20%.
Having installed its first solar mini-grid in 2017, Nuru now targets the installation of an additional 14 MW in renewable energy infrastructure in DRC in 2023.
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