Argentina's renewable energy market is experiencing strong growth, with I-REC issuance and redemption reaching new heights for the 2023 vintage.
Key figures, vintage 2023
I-RECs issued
1,905,239 MWh
+120.1% vs 2022
I-RECs redeemed
1,417,411 MWh
+124.6% vs 2022
Worldwide rank
17th
Up 2 places vs 2022
Latin America rank
6th
Up 1 place vs 2022
Active installed capacity
2,099.6 MW
+9.1% vs 2022
Devices registered and active
31
+5 vs 2022
Average COD of I-RECs issued
July 2013
22 months more recent than 2022
Generation mix of I-RECs issued
- Wind 59.0%
- Biomass 17.1%
- Hydro 14.3%
- Solar 7.7%
- Biogas 2.0%
Remarkable growth
Argentina issued 1,905,239 MWh of I-RECs in 2023, a 120.1% increase from 2022. Redemptions grew even faster, up 124.6% to 1,417,411 MWh. I-RECs in Argentina are issued by IRAM, Instituto Argentino de Normalización y Certificación.
Global context
Argentina ranks 17th in the world for I-REC issuance, two places higher than the year before, and 6th in Latin America. Its progress is notable as the country continues to build its presence in renewable energy and more companies align with sustainability goals.
Growing infrastructure
With 31 registered and active devices, five more than the previous year, the infrastructure supporting I-RECs is expanding, and active installed capacity grew 9.1% to 2,099.6 MW. The average commercial operation date of the certificates issued moved forward by 22 months, to July 2013, reflecting newer assets being added to the grid.
Generation mix
Wind dominates the mix, with 59.0% of the I-RECs issued. Biomass follows at 17.1%, then hydro (14.3%), solar (7.7%) and biogas (2.0%).
What it means for buyers
Despite ongoing challenges, including economic constraints, Argentina is showing impressive progress toward a renewable future. With a young, wind-led portfolio, it is a market worth keeping an eye on.
