En+ Group has become a certified Participant with I-REC Services B.V.
En+ Group (LSE: ENPL; MOEX: ENPG), a leading vertically-integrated producer of low-carbon aluminium and independent hydropower, has become a certified Participant with I-REC Services B.V. The two companies have signed an agreement, allowing En+ Group to not only sell international renewable energy certificates (I-RECs), but also redeem them on the client’s or its own behalf, providing a full-cycle I-REC service.
Producers issue I-RECs to certify their generated energy is in full compliance with ‘green’ standards like GHGP, CDP and RE100. Purchasers of I-RECs can ‘cancel’ them to adhere to these standards, fulfil their ESG programmes, and reduce their scope 2 indirect emissions of greenhouse gas associated with the production of electricity. Existing alternatives to I-RECs are Guarantees of Origin (GOs) in Europe and Renewable Energy Certificates (RECs) in the US.
Anton Butmanov, EN+ Group’s Director for Sustainable Development, commented:
“We believe that renewable energy certificates and their associated trade stimulates the development of modern, eco-friendly technologies, as well as increasing transparency in the energy industry as a whole. As a Participant, we can now provide a full range of services with I-RECs. This is much more convenient for our clients who no longer need to apply with the I-REC registry, pay commissions or handle any additional paperwork.”
En+ Group started working with I-REC certificates in December 2020 as a Registrant, allowing the Company to take part in issuing I-RECs but not ‘cancelling’ them. En+ Group’s I-RECs represent volumes of electricity produced by generating companies within the Group – EuroSibEnergo JSC (generator – Krasnoyarsk hydroelectric power plant) and Abakanskaya SPP LLC (generator – Abakan solar power plant).
En+ Group accounts for 65% of the renewable energy certificate supply on the Russian market.
