DevvStream Corp. (NASDAQ:DEVS) has made a significant move in the renewable energy market in Asia by acquiring all renewable and carbon assets from the Medellin Solar Power Facility. This deal will see DevvStream gain access to international renewable energy certificates (I-RECs) and marks the company’s entry into the global energy transition market. The stock has responded positively to the news, with a 30.6% jump in share price.
The Medellin Solar Power Facility, located in Cebu, Philippines, is part of the “2030 Smart City” plan and has a capacity of 730 MWp. Developed by Sogod Energy Inc., it is expected to generate 1.2 million I-RECs annually from 1.219 million MWh of energy. I-RECs are certificates that certify 1 MWh of renewable energy generated and injected into the grid. Organizations buy them to meet renewable energy goals, support clean energy, and report sustainability while ensuring credibility through the globally recognized I-REC Standard.
Under the agreement, DevvStream will have full ownership of the renewable energy and carbon assets, which is a significant milestone for the company’s corporate strategy. This move reinforces DevvStream’s role in sustainability and advances its “Project Development” tier.
The development of the Medellin Solar Power facility will be carried out in three phases, with the first phase expected to be completed within 6 months. The first I-RECs are anticipated to be produced approximately one month after its completion.
DevvStream CEO Sunny Trinh commented on the deal, saying, “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.”
In conclusion, DevvStream’s acquisition of the Medellin Solar Power Facility’s renewable and carbon assets is a significant move that will see the company expand its presence in the renewable energy market in Asia. This deal not only provides a new source of revenue for the company but also reinforces its commitment to sustainability and the global energy transition.