Latest news with #I-REC
Zawya
03-07-2025
- Business
- Zawya
Oman: 4th I-REC auction to advance clean energy
MUSCAT - Nama Power and Water Procurement Company (PWP), the sole procurer of power and water capacity in the Sultanate of Oman, has launched its fourth auction round for International Renewable Energy Certificates (I-RECs) – a move aligned with the Sultanate of Oman's broader strategy to advance decarbonization and its Net Zero targets. Over 3 million I-RECs are on offer in this latest round, building on three previous auctions that have reinforced Oman's efforts to provide avenues for businesses and strategic sectors within the country to decarbonise their operations. Two years ago, Oman became the first country in the GCC to register the first wind farm – the 50 MW Dhofar I Wind Project – with the I-REC Standard Foundation. Since then, PWP has successfully registered Manah I Solar IPP and Manah II Solar IPP with the globally recognized I-REC Standard Foundation, which promotes an internationally recognized methodology for issuing and redeeming I-RECs. This system is implemented globally with the support of national governments and local stakeholders. The I-REC certificates in this auction round represent renewable energy generated by the three projects between July 2024 and December 2025. The grid-connected Manah I and Manah II solar PV projects – each with a capacity of 500 MW – are expected to generate around 1.5 million I-RECs annually, while the Dhofar I Wind project is estimated to contribute approximately 150,000 certificates per year. Ahmed bin Salim al Abri, Nama PWP CEO Commenting on the significance of this latest auction, Nama PWP CEO Ahmed bin Salim al Abri stated: 'Through this market-based solution, PWP is enabling local businesses to decarbonize their operations by purchasing the I-RECs, while offering domestic and international buyers a credible pathway to meet voluntary sustainability targets.' According to PWP, certifying the flow of energy from clean sources has become increasingly important for consumers who demand greater choice in how they procure electricity. Some companies seek to demonstrate compliance with renewable energy procurement requirements, while others aim to reduce their greenhouse gas emissions. To accurately report the use of renewable energy in emissions disclosures, companies must own and redeem a verified environmental attribute certificate, such as an I-REC. Well-known Omani environmental services specialist Three Pillars Consulting (TPC) serves as the local issuer of I-RECs in the Sultanate of Oman. As the accredited issuer, TPC supports the registration of renewal and issuance of I-REC renewable energy tracking system.
Observer
02-07-2025
- Business
- Observer
4th I-REC auction to advance clean energy
MUSCAT, JULY 2 Nama Power and Water Procurement Company (PWP), the sole procurer of power and water capacity in the Sultanate of Oman, has launched its fourth auction round for International Renewable Energy Certificates (I-RECs) – a move aligned with the Sultanate of Oman's broader strategy to advance decarbonization and its Net Zero targets. Over 3 million I-RECs are on offer in this latest round, building on three previous auctions that have reinforced Oman's efforts to provide avenues for businesses and strategic sectors within the country to decarbonise their operations. Two years ago, Oman became the first country in the GCC to register the first wind farm – the 50 MW Dhofar I Wind Project – with the I-REC Standard Foundation. Since then, PWP has successfully registered Manah I Solar IPP and Manah II Solar IPP with the globally recognized I-REC Standard Foundation, which promotes an internationally recognized methodology for issuing and redeeming I-RECs. This system is implemented globally with the support of national governments and local stakeholders. The I-REC certificates in this auction round represent renewable energy generated by the three projects between July 2024 and December 2025. The grid-connected Manah I and Manah II solar PV projects – each with a capacity of 500 MW – are expected to generate around 1.5 million I-RECs annually, while the Dhofar I Wind project is estimated to contribute approximately 150,000 certificates per year. Ahmed bin Salim al Abri, Nama PWP CEO Commenting on the significance of this latest auction, Nama PWP CEO Ahmed bin Salim al Abri stated: 'Through this market-based solution, PWP is enabling local businesses to decarbonize their operations by purchasing the I-RECs, while offering domestic and international buyers a credible pathway to meet voluntary sustainability targets.' According to PWP, certifying the flow of energy from clean sources has become increasingly important for consumers who demand greater choice in how they procure electricity. Some companies seek to demonstrate compliance with renewable energy procurement requirements, while others aim to reduce their greenhouse gas emissions. To accurately report the use of renewable energy in emissions disclosures, companies must own and redeem a verified environmental attribute certificate, such as an I-REC. Well-known Omani environmental services specialist Three Pillars Consulting (TPC) serves as the local issuer of I-RECs in the Sultanate of Oman. As the accredited issuer, TPC supports the registration of renewal and issuance of I-REC renewable energy tracking system.
Hi Dubai
18-06-2025
- Business
- Hi Dubai
DEWA Issues 51 Solar Power Certificates to Boost Industrial Sustainability in Dubai
Dubai Electricity and Water Authority (DEWA) has granted 51 'D33 Industry Friendly Power Certificates' to 24 companies since the launch of its green energy initiative in January 2024, marking a significant push toward sustainable industrial growth in the emirate. The initiative enables certified manufacturers, agri-tech firms, and data centres to install photovoltaic (PV) solar systems for internal use, potentially meeting up to 100% of their energy needs through clean power. Saeed Mohammed Al Tayer, MD and CEO of DEWA, said the programme aligns with Dubai's strategic vision to promote a green economy and attract industrial investment. It supports the Dubai Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050, which aim for 100% clean energy by mid-century. Companies seeking certification must obtain approval from DEWA, the Dubai Department of Economy and Tourism, and the Department of Finance. DEWA oversees the technical implementation, ensuring international standards are met. Under the policy, DEWA compensates certified companies for feed-in power at a fixed rate of 10.5 fils/kWh. Additional incentives include discounted connection fees, priority access to I-REC certificates, and an interest-free payment plan over two years. The programme reinforces Dubai's position as a hub for sustainable industrial innovation and clean energy leadership. News Source: Emirates News Agency
Business Upturn
24-04-2025
- Business
- Business Upturn
IEX Q4FY25: Revenue rises 17% YoY to Rs 142 crore; profit surges 21% YoY to Rs 117 crore
Indian Energy Exchange Ltd (IEX) reported its highest-ever quarterly and annual performance, with strong growth in electricity volumes, renewable energy certificate (REC) trades, and profitability for the period ended 31 March 2025. In the fourth quarter (Q4FY25), IEX recorded revenue of ₹174.6 crore, a 17% increase from ₹149.3 crore in the same period last year. Consolidated profit after tax for the quarter rose 21.1% year-on-year to ₹117.1 crore, compared to ₹96.7 crore in Q4FY24. On a standalone basis, Q4 profit was up 17.8% to ₹112 crore. The exchange also achieved its highest ever quarterly traded electricity volume of 31.7 billion units (BU), representing an 18.1% year-on-year growth, alongside a record 68 lakh RECs traded during the quarter, up 108%. For the full financial year FY25, IEX posted a consolidated revenue of ₹657.4 crore, an increase of 19.3% from ₹550.8 crore in FY24. Consolidated net profit surged 22.3% to ₹429.2 crore, compared to ₹350.8 crore a year ago. On a standalone basis, FY25 profit stood at ₹414.6 crore, up 21.4% year-on-year. The board of directors announced a final dividend of ₹1.5 per share, equivalent to 150% of the face value. On the sectoral front, India's power demand hit 1,694 BUs in FY25, rising 4.4% YoY, while coal production and dispatch to the power sector rose 5% and 5.9%, respectively. The average market clearing price in IEX's Day Ahead Market (DAM) stood at ₹4.47/unit in FY25, down 14.7% YoY from ₹5.24/unit due to a 36% increase in sell-side liquidity. The company's gas platform, IGX, also posted its highest ever traded volume of 60 million MMBtu, growing 47% YoY. IGX's FY25 profit increased to ₹31 crore, up 34.3% YoY, while Q4FY25 profit doubled to ₹8.9 crore from ₹4.4 crore in Q4FY24. IEX's subsidiary ICX, India's first accredited International Renewable Energy Certificate (I-REC) issuer, also recorded exponential growth, issuing 59.27 lakh I-RECs and generating revenue of ₹3.41 crore in FY25, up from ₹32 lakh in FY24. News desk at
Yahoo
07-04-2025
- Business
- Yahoo
Celepsa and Zelestra finalise PPA for 238MWdc solar plant in Peru
Energy firm Celepsa and renewable energy developer Zelestra have finalised a long-term power purchase agreement (PPA) for the construction of a 238 megawatts defined conditions (MWdc) solar power facility in Peru. The new development adds to Zelestra's expanding Peruvian portfolio, which now totals more than 530MWdc. The deal ensures a steady supply of green energy for Celepsa's operations in the country, contributing to its sustainability initiatives. The agreement will see Celepsa receiving 450 gigawatt hours (GWh) of renewable electricity each year. Alongside the upcoming San Martín project, Zelestra's footprint in Peru continues to grow. Zelestra Latam CEO José Luis García stated: 'This agreement reflects our firm commitment to work strategically with our customers to offer tailor-made solutions, as well as our commitment to the Peruvian market. 'We are proud to contribute to the reduction of carbon emissions in the country and to promote continued socio-economic development through the delivery of new projects and the creation of new jobs.' Zelestra has identified Peru as a crucial market for its expansion and remains committed to aiding the country's transition towards a more sustainable energy landscape. For Celepsa, which is also progressing with its renewable projects, the agreement marks a key milestone in its ongoing sustainable development strategy. Celepsa general manager Eduardo Rivas stated: 'This agreement reinforces our commitment to the energy transition and is a strategic step that allows us to build a diversified renewable portfolio for our customers. 'In addition to the purchase of solar energy, the contract includes I-REC certificates, guaranteeing the renewable origin of the energy.' In April 2025, Zelestra signed a firm and dispatchable renewal energy contract with SJVN to develop a 500 MW hybrid project in Solapur, Maharashtra, India. "Celepsa and Zelestra finalise PPA for 238MWdc solar plant in Peru" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
