DevvStream Agrees to Asian REC Deal

November 29, 2024

DENVER, Colo., Nov 29, 2024 (247marketnews.com)- DevvStream (NASDAQ:DEVS) entered an agreement to transfer ownership of all international renewable energy certificates (“I-RECs”) generated by the Sogod Energy Medellin Solar Power facility to DevvStream.

Once the facility is completed, its total annual energy production capacity will be an estimated 1,219,615 megawatt-hours (“MWh“), allowing the generation of over 1.2 million I-RECs per year.

Sunny Trinh, DevvStream’s CEO, commented, “While our roots are in carbon, DevvStream maintains a diverse asset portfolio, representing a range of environmental and energy transition assets. I-RECs present a new opportunity for diversification and growth, particularly in the Asian segment, which accounts for approximately 70% of the world’s total installed solar capacity. To penetrate this market, we are starting with ASEAN member states, where demand is strong and prices are correspondingly higher. The rise of the I-REC market in Asia overall has been significant in recent years, offering DevvStream a strong path toward revenue while broadening the Company’s environmental impact and global reach. I’d like to extend my appreciation to Scott Harrington and his team at DevvStream Asia, which was instrumental in securing this contract as well as building our overall project pipeline for the Asian renewable energy market based on years of onsite work. We’re proud to partner with Sogod on this critical solar infrastructure project and look forward to additional collaboration on future projects in Bohol, Batangas, and beyond.”

Juan Carlo Casem, President and CEO of Sogod, added, “Sogod Energy Inc. aims to be the industry leader in grid-connected solar power plant development. To help monetize our latest projects, we needed a partner who was not only an expert in the generation of high-quality environmental assets, but also an industry leader that operates with transparency, integrity, and a strong vision to improve the world. DevvStream was the obvious choice. We look forward to a long and fruitful partnership as we continue developing the renewable energy infrastructure that the Philippines needs in order to preserve its natural beauty and heritage.”

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