Peru is steadily advancing in renewable energy, and 2023 brought impressive growth in both I-REC issuance and redemption. Drawing on its strong hydro resources and new wind and solar investments, the country is making a meaningful contribution to Latin America's renewable energy landscape.
Key figures, vintage 2023
I-RECs issued
7,086,062 MWh
+98.3% vs 2022
I-RECs redeemed
5,166,958 MWh
+146.6% vs 2022
Worldwide rank
11th
Up 1 place vs 2022
Latin America rank
4th
Up 1 place vs 2022
Active installed capacity
3,245.8 MW
+14.1% vs 2022
Devices registered and active
27
+4 vs 2022
Average COD of I-RECs issued
July 2000
11 years older than 2022
Generation mix of I-RECs issued
- Hydro 76.7%
- Wind 22.7%
- Solar 0.6%
Considerable growth
Peru issued 7,086,062 MWh of I-RECs for the 2023 vintage, a 98.3% increase from 2022. Redemptions soared 146.6%, reaching 5,166,958 MWh. These certificates are mostly issued by AENOR Perú.
Global context
Peru ranks 11th globally and 4th in Latin America for I-REC issuance, having climbed one place in each ranking. This demonstrates its growing regional influence and the progress of companies improving their sustainability reporting.
Energy mix breakdown
With hydro accounting for 76.7% of I-REC issuance, Peru's renewable generation relies heavily on this resource thanks to the country's favorable geography, which includes numerous rivers and high-altitude watersheds. Wind and solar currently make up 22.7% and 0.6% of the certificates produced, respectively.
Expanding infrastructure
Four new assets were registered compared to 2022, for a total of 27 active devices and 3,245.8 MW of active capacity. The average commercial operation date of the certificates issued moved back 11 years, to July 2000, because of the large production of older hydro plants, but the latest registrations show a shift toward wind and solar.
What it means for buyers
With a strong foundation in hydro and rising interest in other renewables, Peru is gradually strengthening its position in the region. As sustainability efforts grow, its evolving energy mix signals promising opportunities ahead.
