RusHydro enters I-REC green certificates market
July 21, 2021, Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces entering International Renewable Energy Certificate (I-REC) market. Today, the company entered into agreement with "Goal Number Seven", the Association of Energy Markets Participants.
I-REC Standard Foundation, a non-commercial organization, developed and implemented "green" certificates. I-REC Certificates, which track the source of electricity and provide supporting evidence of electricity production, are issued by accredited organizations in 35 countries.
In accordance with the signed document, the Association of Energy Market Participants will certify RusHydro’s generating facilities upon which issuance of green I-REC certificates will take place. The certificates will acknowledge the origin of electricity that RusHydro produces from renewable energy sources. In the near term, RusHydro plans to analyze the demand of "green" certificates by consumers and enter into bilateral agreements for sale of electricity produced by hydropower plants.
As electricity produced by renewable energy sources complies with international "green" standards, RusHydro will be able to issue certificates to I-REC business partners, which seek to decarbonize their production cycles in order to produce goods complying with latest environmental trends.
The certificates comply with key sustainability standards such as GHGP, CDP and RE100. Electricity consumers will be able to use I-REC certificates to comply with the above-mentioned standards, reduce scope-s GHG emissions and improve their ESG-profile.
RusHydro is a leader in green electricity production in Russia. The Group’s profile includes 100 renewable energy facilities including 69 hydropower plants, 3 geothermal power plants, 23 solar power plants and 6 wind power plants. RusHydro is continuously expanding the share of renewable energy sources in its power balance. Over the last five years, the company has commissioned 1.1 GW of renewables. Efficient operation of hydropower facilities last year saved over 63 million tons of CO2 equivalent emissions.
Sergey Kirov, member of RusHydro Group’s Management Board, First Deputy Director General commented: "This agreement marks an important step for RusHydro in achieving sustainable development goals. Implementation of such "green" instruments, we are contributing to ESG-transformation of the country’s economy."
Earlier in the month RusHydro and Mosenergosbyt signed a bilateral agreement for purchase of environmentally clean electricity. In accordance with the agreement, the electricity produced at RusHydro’s hydropower facilities will supply Sberbank’s branches in St. Petersburg and Ekaterinburg. In February of 2021, RusHydro and Polyus have signed a bilateral power purchase agreement for clean electricity produced by Sayano-Shushenskaya HPP. The agreement will be in effect until the end of 2021 and the electricity supplied will cover the needs of PJSC Polyus’ facilities in the Krasnoyarsk region.