Philippines-based Sogod Energy has been approved by the municipality of Medellin to build a state-of-the-art solar power generation facility capable of producing more than 730 MWp annually, equating to over 1.2 million I-RECs per year
Sacramento, California--(Newsfile Corp. - November 29, 2024) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, today announced an agreement (the "Agreement") transferring the ownership of all renewable and carbon assets generated by the Sogod Energy Inc. Medellin Solar Power facility (the "Facility") to DevvStream in the form of international renewable energy certificates ("I-RECs"). The 730-megawatt-peak ("MWp") Facility has been approved by the municipality of Medellin, Cebu as part of its "Medellin 2030" smart city master development plan and will be developed and implemented in three phases by Sogod Energy ("Sogod"), a renewable energy company based in the Philippines. Once completed, the total annual energy production capacity of the Facility will be an estimated 1,219,615 megawatt-hours ("MWh"), allowing the generation of over 1.2 million I-RECs per year. Entry into the I-REC market expands the Company into global energy transition markets and represents a new advancement in the Project Development category of DevvStream's three-tiered corporate strategy. The first phase of the Facility's development is anticipated to be complete within 6 months, with the first I-RECs being produced approximately a month thereafter.
I-RECs are tradable instruments that certify electricity was generated from renewable energy sources. Each I-REC represents 1 MWh of renewable electricity generated and injected into the grid. Organizations can purchase I-RECs to meet their renewable energy goals, support clean energy development, and report sustainability metrics, even if they cannot source renewable energy directly. The I-REC Standard is a globally recognized system that ensures the tracking and credibility of these certificates, helping organizations align with international frameworks like the Greenhouse Gas Protocol for Scope 2 emissions accounting.
According to the International Tracking Standard Foundation, the I-REC market has experienced significant growth in recent years, reflecting a global shift towards renewable energy adoption and sustainability commitments.
Issuance and Redemption Volumes: In 2022, the I-REC Standard issued approximately 199 million certificates, marking a 179% increase from the previous year. This upward trajectory continued into 2023, with 283 million certificates issued, representing a 42% growth compared to 2022. Redemptions also saw substantial growth, increasing by 81% to 176 million certificates in 2023.
First Half of 2024: The momentum persisted into 2024, with 188 million certificates issued in the first half of the year, a 17% increase over the same period in 2023. Redemptions during this period grew by 58%, totaling 162 million certificates.
Strong Demand: Members of the Climate Group RE100-a global initiative that includes more than 400 influential corporations-have committed to using 100% renewable electricity throughout their operations. If 100% renewable electricity proves to be unfeasible, these companies have committed to leveraging financial instruments such as I-RECs. In certain regions, such as the Philippines, there is insufficient renewable energy to meet the RE100 commitment, resulting in stronger demand and consistently higher price points.
"While our roots are in carbon, DevvStream maintains a diverse asset portfolio, representing a range of environmental and energy transition assets," said Sunny Trinh, CEO of DevvStream. "I-RECs present a new opportunity for diversification and growth, particularly in the Asian segment, which accounts for approximately 70% of the world's total installed solar capacity. To penetrate this market, we are starting with ASEAN member states, where demand is strong and prices are correspondingly higher. The rise of the I-REC market in Asia overall has been significant in recent years, offering DevvStream a strong path toward revenue while broadening the Company's environmental impact and global reach. I'd like to extend my appreciation to Scott Harrington and his team at DevvStream Asia, which was instrumental in securing this contract as well as building our overall project pipeline for the Asian renewable energy market based on years of onsite work. We're proud to partner with Sogod on this critical solar infrastructure project and look forward to additional collaboration on future projects in Bohol, Batangas, and beyond."
"Sogod Energy Inc. aims to be the industry leader in grid-connected solar power plant development," said Juan Carlo Casem, President and CEO of Sogod. "To help monetize our latest projects, we needed a partner who was not only an expert in the generation of high-quality environmental assets, but also an industry leader that operates with transparency, integrity, and a strong vision to improve the world. DevvStream was the obvious choice. We look forward to a long and fruitful partnership as we continue developing the renewable energy infrastructure that the Philippines needs in order to preserve its natural beauty and heritage."
About DevvStream
Founded in 2021, DevvStream is a leading authority in the use of technology in carbon project development. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health.
With a diverse approach to the carbon market, DevvStream operates across three strategic domains: (1) an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most difficult-to-reduce emissions; (2) project investment, acquisitions, and industry consolidation to extend the company's reach, allowing it to become a full end-to-end solutions provider; and (3) project development, where the company serves as project manager for eligible activities such as EV charging in exchange for a percentage of generated credits.
位于菲律宾的Sogod Energy已获得梅德林市政府批准,建设一座最先进的太阳能发电设施,年发电能力超过730 MWp,相当于每年超过120万I-REC。
加利福尼亚州萨克拉门托--(Newsfile Corp. - 2024年11月29日)- DevvStream Corp.(纳斯达克:DEVS)("DevvStream"或"公司"),一家领先的碳信用项目共同开发和生成公司,专注于基于科技的解决方案,今天宣布一项协议("协议"),将梅德林太阳能设施("设施")所产生的所有可再生和碳资产的所有权转让给DevvStream,以国际可再生能源证书("I-REC")的形式。该730兆瓦峰值("MWp")设施已获得菲律宾宿务省梅德林市的批准,作为其"梅德林2030"智慧城市总体发展计划的一部分,将由位于菲律宾的可再生能源公司Sogod Energy("Sogod")分三个阶段进行开发和实施。完成后,该设施的年发电能力预计将达到1,219,615兆瓦时("MWh"),每年将产生超过120万I-REC。进入I-REC市场使公司能够拓宽其在全球能源转型市场的业务,代表了DevvStream三层企业策略中新项目开发类别的进一步推进。预计设施的第一阶段开发将在6个月内完成,首次I-REC将在此之后约一个月内产生。
I-REC是可交易的工具,证明电力是来自可再生能源来源生成的。每个I-REC代表生成并注入电网的1 MWh可再生电力。组织可以购买I-REC以满足其可再生能源目标,支持清洁能源发展,并报告可持续性指标,即便他们无法直接获取可再生能源。I-REC标准是一个全球认可的系统,确保这些证书的跟踪和可信性,帮助组织与国际框架(如温室气体协议第2类排放核算)对齐。
根据国际追踪标准基金会的数据,I-REC市场近年来经历了显著增长,反映出全球向可再生能源采用和可持续性承诺的转变。
发行和赎回量:在2022年,I-REC标准发行了大约19900万证书,较去年增长了179%。这一上升趋势持续到2023年,发行了28300万证书,较2022年增长了42%。赎回也有显著增长,在2023年增至17600万证书,增长了81%。
2024年上半年:这一势头在2024年持续,上半年发行了18800万证书,较2023年同期增长了17%。在此期间,赎回增长了58%,总计达16200万证书。
强劲需求:气候组织RE100的成员——一个包括400多家有影响力的企业的全球倡议——承诺在其运营中使用100%可再生电力。如果100%的可再生电力被证明不可行,这些公司承诺利用I-REC等金融工具。在某些地区,例如菲律宾,可再生能源不足以满足RE100的承诺,导致需求更强,价格持续走高。
“虽然我们的根源在于碳,但DevvStream保持着多样化的资产组合,代表着一系列环境和能源转型资产,”DevvStream的首席执行官Sunny Trinh表示。“I-REC为多样化和增长提供了新的机会,特别是在亚洲市场,该市场占全球安装的太阳能总容量的约70%。为了进入这一市场,我们从东盟成员国开始,那里需求强劲,价格相应较高。近年来,I-REC市场在亚洲的增长相当显著,为DevvStream提供了一条强劲的营收路径,同时扩大公司的环境影响和全球覆盖范围。我想对Scott Harrington及其在DevvStream Asia的团队表示感谢,他们在获得该合同以及基于多年现场工作的整体项目管道建设中发挥了重要作用。我们很自豪能够与Sogod在这一关键太阳能基础设施项目上合作,并期待在博霍尔、巴丹加斯及其他地区的未来项目上进行进一步合作。”
“Sogod Energy Inc. 旨在成为电网联接的太阳能发电厂开发行业的领导者,”Sogod 的总裁兼首席执行官 Juan Carlo Casem 说。“为了帮助我们实现最新项目的商业化,我们需要一个不仅在高质量环保母基资产生成方面是专家,而且在透明度、诚信和改善世界的强烈愿景上是行业领导者的合作伙伴。DevvStream 显然是最佳选择。我们期待着与他们建立一段开多而富有成效的合作关系,以继续开发菲律宾所需的可再生能源制造行业,保护其自然美和遗产。”
关于DevvStream
成立于2021年,DevvStream是碳项目开发技术领域的领先权威。该公司的使命是在可持续性和盈利能力之间建立对齐,帮助组织实现气候倡议,同时直接提升其财务健康。
DevvStream在碳市场采取多元化的方式,涉足三个战略领域:(1)包括基于自然、技术和碳封存的抵消组合,立即出售给寻求抵消最难减排排放的企业和政府;(2)项目投资、收购和行业整合,以扩展公司的影响力,使其成为全面终端解决方案提供商;以及(3)项目开发,公司作为符合条件的活动(如交换充电桩)的项目经理,以换取所生成的积分的一部分。