September marked the end of vintage 2023 I-REC issuance, and Chile stands out as one of the leaders of the global renewable energy transition.
Key figures, vintage 2023
I-RECs issued
23,813,946 MWh
+32.8% vs 2022
I-RECs redeemed
15,646,009 MWh
+8.9% vs 2022
Worldwide rank
5th
No change vs 2022
Latin America rank
2nd
No change vs 2022
Active installed capacity
11,211.8 MW
+18.4% vs 2022
Devices registered and active
198
+55 vs 2022
Average COD of I-RECs issued
July 2003
6 months more recent than 2022
Generation mix of I-RECs issued
- Hydro 55.3%
- Solar 23.2%
- Wind 19.1%
- Solar PMGD 2.4%
A global leader
Despite a population of just under 20 million, Chile ranks 5th in the world and 2nd in Latin America for I-REC issuance, as well as 3rd for I-REC redemptions. Taking advantage of its exceptional solar potential, the country is emerging as a leader in the renewable energy transition. Certificates are issued by SCX, Santiago Climate Exchange.
Steady growth
I-RECs issued increased an impressive 32.8%, to 23,813,946 MWh, with 55 new devices registered compared to 2022. Redemptions grew 8.9% to 15,646,009 MWh, as more companies committed to their sustainability goals. Active installed capacity grew 18.4%, to 11,211.8 MW.
Solar potential
With optimal conditions and rules that allow assets of up to 9 MW, locally known as PMGD (small or medium distributed generation), solar devices are dominating new registrations. Issuance is still led by hydro (55.3%), followed by solar (25.6%, including 2.4% from PMGD devices) and wind (19.1%). The newer solar fleet moved the average commercial operation date forward by six months, to July 2003.
What it means for buyers
Chile combines large volumes with a fast-growing, modern solar portfolio. It is an attractive market for companies that want reliable supply and newer assets.
