Odyssey and Energy Peace Partners announce partnership to advance innovative financing instrument for distributed renewable energy
Odyssey Energy Solutions and Energy Peace Partners (EPP) are excited to announce their partnership, which aims to increase investment in the distributed renewable energy sector by supporting the expansion of the P-REC market.
EPP unlocks climate financing for renewable energy projects by issuing P-RECs from high-impact projects in energy poor countries, connecting these projects to corporate renewable energy buyers. P-RECs, an innovative financing instrument launched by EPP and linked to the voluntary international renewable energy credit market, unlocks funding for new renewable energy projects in countries that are affected by conflict, climate change and energy poverty. One P-REC represents 1 megawatt hour (MWh) of renewable energy generated and reflects both the environmental and social benefits associated with clean energy generated in countries like the Democratic Republic of Congo and South Sudan. P-RECs allow corporate buyers interested in procuring renewable energy a unique opportunity to fund transformative renewable energy projects in underserved communities in line with the their sustainability and social responsibility goals. Project developers benefit as revenue from P-REC sales allows them to finance new renewable energy projects or implement community projects, such as the electrification of hospitals that enhances public health services or the installation of public streetlights that increases nighttime safety and security.
Odyssey and EPP are collaborating to scale up the P-REC market through the implementation of an end-to-end technology and data platform. As part of this partnership, Odyssey’s digital platform will streamline the application process for renewable energy project developers and ensure transparency, while enabling EPP to scale up origination through systematic project screening and data collection. The Odyssey platform will allow EPP to track, verify, and share data on renewable energy generation, P-REC transactions, and project impacts.
Together, Odyssey and EPP are looking forward to collaborating to scale up the P-REC market and mobilize more renewable energy investment in some of the world’s most vulnerable communities.