DevvStream Corp. (DEVS) has recently announced a new agreement to acquire all renewable and carbon assets from the Medellin Solar Power Facility in the form of international renewable energy certificates (I-RECs). The Medellin Solar Power Facility, which has a capacity of 730 MWp, is a key part of the “2030 Smart City” plan in Cebu, Philippines. Developed by Sogod Energy Inc., this facility 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. These certificates are purchased by organizations to meet their renewable energy goals, support clean energy, and report sustainability, while ensuring credibility through the globally recognized I-REC Standard.
This agreement grants DevvStream full ownership of the renewable energy and carbon assets, marking its entry into the global energy transition markets. This is a significant milestone for the company and also advances its corporate strategy in the “Project Development” tier, reinforcing its role in sustainability. The development of the Medellin Solar Power Facility will proceed 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.
Sunny Trinh, CEO of DevvStream, stated, “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.”
DEVS shares are currently trading higher by 30.6% at $1.00 as of last check on Friday. This news marks a significant step for DevvStream in expanding its presence in the global energy transition market. With the increasing demand for renewable energy and the rise of the I-REC market in Asia, DevvStream is well-positioned to capitalize on this opportunity and drive revenue growth while making a positive impact on the environment.