SEFA and NDF approve USD11.5m for Camco-managed P-REC Aggregation Facility

The Sustainable Energy Fund for Africa (SEFA) and the Nordic Development Fund (NDF) have approved USD11.5m in funding to pilot the P-REC Aggregation Facility (PAF), a first-of-its-kind climate finance instrument designed to support off-grid renewable energy projects in some of Africa's most fragile and energy-poor countries.

The facility will be managed by Camco in partnership with Energy Peace Partners and will provide upfront payments to project developers in exchange for ownership of Peace Renewable Energy Credits (P-RECs) generated by renewable energy projects. By creating an additional source of hard-currency revenue and upfront capital, the facility aims to unlock investment in markets where access to traditional financing remains limited.

P-RECs are international renewable energy certificates (I-RECs) that carry a supplementary label issued by Energy Peace Partners, recognising the social and development benefits associated with renewable energy generation in fragile, climate-vulnerable and energy-poor countries.

Solar-powered streetlights in Goma, DRC, funded through the pre-sale of P-RECs, are improving safety and security for local residents and businesses

The facility is expected to support projects across 14 fragile and conflict-affected countries, helping expand access to clean electricity, advance sustainable development and mobilise private capital through voluntary corporate sustainability markets.

The approval marks an important milestone for the initiative and reflects growing recognition of innovative financing approaches that link climate action, energy access and peacebuilding outcomes.

Camco is grateful to SEFA, managed by the African Development Bank Group, and NDF for their support and confidence in the facility and looks forward to working with partners to bring this pioneering model to market.

Read the full announcement for further details and learn more about PAF.