European renewable energy generator Statkraft has become the first company to offer renewable power tracked by the International Renewable Energy Certificate (I-REC) Standard in India, with the first I-RECs generated by the 86MW Malana hydropower plant.
The company generated the certificates in cooperation with its Indian hydropower partner Malana Power Company Limited, and said it was the first known deal of its kind in the country.
“We’ve always strived to be a first mover in the renewable certificates sector,” commented Torsten Amelung, Senior Vice President Trading & Customers at Statkraft. “In Europe, Statkraft supported the foundation of this sector already in the early 2000s. More and more companies request sustainability products. Hence, we are working on introducing I-RECs in more markets world-wide.”
We are happy to partner with Statkraft to pioneer I-RECs in India and it makes us proud to be the first ones in this market. This provides good support for hydro production in India and supports the country’s move towards more renewable production,” added O. P. Ajmera, President, CEO & CFO of Malana Power Company Limited.
International Renewable Energy Certificate’s (I-REC’s) are recognized by several emission reporting standards, such as the CDP (formerly the Carbon Disclosure Project) Reporting Guidance and the Greenhouse Gas Protocol Scope 2 Guidance. In a statement Statkraft has seen an increasing interest in these products from large, global power consumers. The company is working together with I-REC Standard and other stakeholders to set up certificate standards in several markets worldwide.
Every I-REC represents 1MWh of electricity produced by a renewable energy source.
