In 2021, we engaged EcoMetrix Africa, a leading low carbon project development consultancy, to evaluate the potential of different carbon mitigation strategies such as run-of-river hydroelectric generation, Solar PV, and microgrid development to help us identify the most promising way to meet our environmental and social ambitions. We additionally engaged Inerjys Ventures, a cleantech investment firm to assist in selecting the best business case and the most optimal operational model.
Working alongside global leaders in the clean energy and climate technology space, Africa Energy Metals plans to expand its business into the renewable energy sector, providing clean energy to the DRC’s mining sector and communities. We are currently planning a 15mW industrial solar pilot project which we hope to rapidly replicate across the country. PPA discussions are in progress with off-takers, and we are currently evaluating RFP proposals for an EPC & Maintenance partner in the region.
Under the voluntary carbon market, carbon credits are earned when companies prevent emissions that would otherwise occur through actions such as deforestation prevention or renewable energy projects. The carbon market in the DRC remains largely untapped and global demand for carbon offsets is growing, with the price projected to skyrocket in coming years. In a recent report by BloombergNEF, estimates project that the value of carbon credits will increase anywhere between two- and fifty-fold by 2030. Our multi-project solar plan, which consists of two new projects per year once the pilot is completed, is estimated to generate 2,156,605 carbon credits in the next decade, with each project set to avert around 302,200 tonnes of CO2.
To ensure transparency and accountability, we aim to have all carbon savings accredited by the Verra carbon credit verification standard, which will allow African Energy Metals to sell the generated offsets. We are confident that this additional stream of revenue will further contribute to providing strong shareholder value as our Renewable Energy Plan advances.