The I-REC Standard issues certificates in India

8 August 2016

In collaboration with local stakeholders, national authorities and international market players the International REC Standard has authorized the Rest of the World (RotW) issuer to conduct issuance of I-RECs in India. The I-REC Standard board allowed for the issuance of I-RECs as long as there is guaranteed to be no interaction with the existing Renewable Purchase Obligation (RPO). For this reason the issuer in India is restricted to issuing I-RECs from renewable production devices of >25 MW installed capacity hydroelectricity. It is the hope of the I-REC Standard that the Indian Energy Exchange (IEX) will takeover issuer activities in 2016.

 
The first market player to make use of the I-REC Standard in India is Statkraft. In their press release Statkraft’s Senior Vice President of Trading & Consumers, Dr. Torsten Amelung  mentioned, “We just cancelled our first certificates on behalf of a consumer with operations in India. Actually, it is the first known deal of such kind at all in India”. The press release can be viewed here.

 

With interest in the expansion of voluntary attribute tracking systems in India the I-REC Standard is continuing work with local stakeholders to ensure a growing and reliable market that can become a stepping-stone for renewables financing in India. The International REC Standard will be submitting a paper, together with other Indian stakeholders, to participate in the 2nd annual RE-INVEST conference sponsored by the Indian Ministry of New and Renewable Energy on 15-17 February 2017.

 

For more information please feel free to contact the I-REC Standard secretariat at secretariat@irecstandard.org