Philippines-based renewable energy company, Sogod Energy, has finalized an agreement with DevvStream Corp. to transfer ownership of all renewable and carbon assets generated by its Medellin Solar Power facility. The state-of-the-art solar power generation facility, which has a total capacity of more than 730 MWp annually, was approved by the municipality of Medellin in Cebu.
Under the agreement, DevvStream will receive international renewable energy certificates (I-RECs) based on the energy production of the facility. The Medellin Solar Power facility is part of the municipality’s “Medellin 2030” smart city master development plan and will be developed and implemented by Sogod Energy in three phases.
Once completed, the facility will have an estimated annual energy production capacity of over 1.2 million I-RECs, equivalent to 1,219,615 megawatt-hours (MWh) of renewable electricity. I-RECs are tradable instruments that certify electricity was generated from renewable sources, allowing organizations to meet their renewable energy goals and support clean energy development even if they cannot directly source renewable energy.
The agreement marks a significant milestone for DevvStream, as it expands the company’s presence in the global energy transition markets. The company’s three-tiered corporate strategy, which includes project development, will be advanced through its entry into the I-REC market.
The first phase of the Medellin Solar Power facility’s development is expected to be completed within six months, with the production of the first I-RECs to follow shortly after. This development aligns with the increasing demand for renewable energy and sustainability commitments worldwide.
DevvStream CEO, Sunny Trinh, expressed their excitement about the partnership and the opportunity to diversify and grow in the Asian market. With Asia accounting for approximately 70% of the world’s total installed solar capacity, the I-REC market presents a strong revenue path for DevvStream.
Sogod Energy’s President and CEO, Juan Carlo Casem, highlighted the company’s commitment to becoming an industry leader in grid-connected solar power plant development. The partnership with DevvStream will help Sogod monetize its projects and contribute to the Philippines’ renewable energy infrastructure.
This agreement showcases the collaboration between two companies dedicated to advancing the adoption of renewable energy and achieving sustainability goals. As the global shift towards renewable energy intensifies, partnerships like this will continue to drive the growth and development of the renewable energy sector.
FAQ Section:
1. What is the purpose of the agreement between Sogod Energy and DevvStream?
The purpose of the agreement is to transfer ownership of all renewable and carbon assets generated by Sogod Energy’s Medellin Solar Power facility to DevvStream.
2. What is the capacity of the Medellin Solar Power facility?
The Medellin Solar Power facility has a total capacity of more than 730 MWp annually.
3. What are international renewable energy certificates (I-RECs)?
International renewable energy certificates (I-RECs) are tradable instruments that certify electricity was generated from renewable sources. They allow organizations to meet their renewable energy goals and support clean energy development.
4. How many I-RECs will the Medellin Solar Power facility produce annually?
Once completed, the facility will have an estimated annual energy production capacity of over 1.2 million I-RECs, equivalent to 1,219,615 megawatt-hours (MWh) of renewable electricity.
5. What is DevvStream’s corporate strategy?
DevvStream’s corporate strategy includes project development, and now, its entry into the I-REC market.
6. When will the first phase of the Medellin Solar Power facility be completed?
The first phase of the Medellin Solar Power facility’s development is expected to be completed within six months.
7. Why is the I-REC market important for DevvStream?
The I-REC market presents a strong revenue path for DevvStream, especially considering that Asia accounts for approximately 70% of the world’s total installed solar capacity.
8. What is Sogod Energy’s goal?
Sogod Energy aims to become an industry leader in grid-connected solar power plant development.
9. What are the benefits of the partnership between Sogod Energy and DevvStream?
The partnership allows Sogod Energy to monetize its projects and contributes to the renewable energy infrastructure in the Philippines. It also demonstrates the commitment of both companies to advancing the adoption of renewable energy and achieving sustainability goals.
10. How will partnerships like this impact the renewable energy sector?
Partnerships like this will continue to drive the growth and development of the renewable energy sector as the global shift towards renewable energy intensifies.
Definitions:
1. I-RECs: International Renewable Energy Certificates are tradable instruments that certify electricity was generated from renewable sources and allow organizations to meet their renewable energy goals.
Suggested Related Links:
– Sogod Energy
– DevvStream Corp.
– Philippines Renewable Energy