The largest P-REC transaction in South Sudan funded the solar electrification of Malakal Teaching Hospital, which was completed in December 2022, and a second P-REC agreement will fund Bor State Hospital's solar electrification.
SAN FRANCISCO, April 25, 2023 /PRNewswire/ -- Early in 2022, the first-ever Peace Renewable Energy Credit (P-REC) transaction in South Sudan was announced, executed by U.S.-based 3Degrees and the International Organization for Migration (IOM) with support from Energy Peace Partners (EPP). In the agreement, 3Degrees obtained the P-RECs generated from a 700kWp solar plant in IOM's Humanitarian Hub in Malakal. Block, a global technology company with a focus on financial services, purchased the P-RECs from 3Degrees.
P-RECs help encourage renewable energy development in countries facing high climate vulnerability and conflict risk.
The arrangement enabled IOM to fund the solar electrification of the Malakal Teaching Hospital, the main healthcare facility serving the city of Malakal and the surrounding region. This area was destroyed in the country's civil war and now houses one of the largest camps for internally displaced persons (IDPs) in South Sudan. The team is pleased to announce that the hospital's new solar system is now operational and is projected to reduce fuel consumption by at least 85% annually.
On the heels of the successful completion of the Malakal hospital project, 3Degrees, IOM, and EPP collaborated to replicate a second P-REC issuance in South Sudan, in which additional P-RECs from the solar plant in IOM's Humanitarian Hub in Malakal will support the solar electrification of Bor State Hospital. Block also served as the purchaser of this subsequent batch of P-RECs. Currently the hospital operates with minimal, undependable electricity and this project will ensure a 24/7 power supply for the hospital's critical care units and enable the hospital to provide reliable, safe services to the community, including gradually opening night services. Bor State Hospital currently relies on four diesel generators that run computers, fans in each of the wards, refrigerators, sterilization materials in the operating room, lights, surgical equipment, and more.
P-RECs are international renewable energy certificates (I-RECs) with a supplementary quality label certifying unique socio-economic co-benefits associated with new renewable energy generation. They are issued from qualifying projects in target countries characterized by high risk of conflict, high vulnerability to climate change and low levels of electrification. P-RECs serve to monetize renewable energy generation from eligible projects in order to unlock private sector capital for high-impact renewable energy projects in fragile, energy-poor countries. EPP developed and is the exclusive issuer of P-RECs.
"This new P-REC transaction demonstrates both the need and potential for innovative solutions like the P-REC to meet the challenges of electricity access in South Sudan, the least electrified country in the world," said Dave Mozersky, President of Energy Peace Partners. "We are grateful to our partners Block, 3Degrees, and IOM for their commitment, vision and cooperation, and thrilled that this P-REC transaction will support an additional hospital electrification project in Bor."
"3Degrees has now executed several P-REC transactions, and it is remarkable to see the meaningful impact these projects have on energy-poor, climate-fragile communities," said Steve McDougal, CEO of 3Degrees. "These two P-REC transactions in South Sudan are helping the hospitals provide safer, more reliable service to their patients – making a true difference in people's lives. It was a pleasure to collaborate again with Block, Energy Peace Partners, and IOM, and we look forward to supporting more of our customers in their goal of pursuing meaningful renewable energy procurement."
"As a global community, we must do all we can to build the resilience of the most vulnerable people so they can cope with the impacts of a changing climate and conflict. Environmental sustainability and the energy transition must be at the heart of building durable solutions," said Amy Pope, Deputy Director General of IOM. "For us, the clean energy transition means transitioning our own facilities to cleaner energy sources and providing displaced people with sustainable energy so they can cook, light their homes and get access to critical health care services. It also means using clean energy as a tool for peace. We are excited to continue our partnership with 3Degrees and Energy Peace Partners that benefits both people and the planet."
"P-RECs provide Block an opportunity to support high impact clean energy projects that have a clear connection to our purpose of economic empowerment," said Neil Jorgensen, Global ESG Lead at Block. "We're thrilled to continue to leverage our renewable energy portfolio to help drive tangible, positive benefits where it is needed the most and we hope to see more private sector support for these types of solarization projects in the future."
To read more about the largest P-REC transaction in South Sudan that funded Malakal Teaching Hospital solar electrification project, click here.
About EPP
Energy Peace Partners leverages climate and finance solutions to promote peace in the world's most fragile regions. Our climate-sensitive approach expands the existing toolkit for peace and development by extending the renewable energy revolution to some of the planet's most vulnerable populations. We address the intersection of energy poverty, conflict risk and climate vulnerability to demonstrate the peace dividends of clean energy.
About IOM
The International Organization for Migration (IOM) is a related organization of the United Nations system and is the leading intergovernmental organization in the field of migration. IOM is committed to the principle that humane and orderly migration benefits migrants and society. From its roots as an operational logistics agency following the Second World War, it has broadened its scope to become an essential international actor in the field of human mobility, supporting migrants across the world, developing effective responses to the shifting dynamics of migration, and a key source of advice on migration policy and practice. The Organization works in emergency situations, developing the resilience of all people on the move, and particularly those in situations of vulnerability, as well as building capacity within governments to manage all forms and impacts of mobility.
About Block
Block, Inc. (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.
About 3Degrees
3Degrees is a leading global climate solutions provider and Certified B Corporation. Our work is driven by the need for urgent climate action, and has been for more than 20 years. We deliver a full suite of clean energy and decarbonization solutions to help global Fortune 500 companies, utilities, and other organizations achieve their climate goals and address emissions in the fight against climate change. The 3Degrees team brings a commitment to integrity and deep expertise in climate strategy and implementation across scopes 1, 2, and 3 emissions, including net zero, global environmental commodities, renewable energy and carbon project development, transportation decarbonization, as well as electric and gas utility voluntary programs. We help develop and deploy impactful climate solutions that make good business sense and advance an equitable transition to the low-carbon future.
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SOURCE 3Degrees
