2024 was a year of high corporate activity in Argentina. Our analysis of the vintage shows record demand for certificates and a generation mix that changed noticeably in a single year.
Key figures, vintage 2024
I-RECs issued
2,380,994 MWh
+24.7% vs 2023
I-RECs redeemed
2,341,508 MWh
+63.9% vs 2023
Worldwide rank
19th
Down 1 place vs 2023
Latin America rank
6th
No change vs 2023
Active installed capacity
3,353.1 MW
+5.4% vs 2023
Devices registered and active
29
+2 vs 2023
Average COD of I-RECs issued
April 2015
19 months more recent than 2023
Generation mix of I-RECs issued
- Wind 65.8%
- Solar 18.8%
- Hydro 11.5%
- Biogas 2.5%
- Biomass 1.4%
A record jump in redemptions
Issuance grew 24.7% to 2,380,994 MWh, but redemptions surged 63.9% to 2,341,508 MWh, almost matching the volume issued. In other words, nearly every certificate produced in Argentina for 2024 has already been claimed by an end user. The private sector is moving faster than ever to achieve its sustainability goals.
A shifting generation mix
Solar more than doubled its share, from 7.7% in 2023 to 18.8% in 2024. Biomass, on the other hand, dropped from 17.1% to 1.4%. Wind remains dominant at 65.8% of issuance, followed by hydro (11.5%) and biogas (2.5%).
The portfolio is also getting younger: the average commercial operation date of the certificates issued moved forward 19 months, to April 2015.
Global and regional standing
Argentina is the 6th largest I-REC market in Latin America and the 19th in the world. Active installed capacity grew 5.4%, to 3,353.1 MW, across 29 active devices.
We highlight the role of IRAM, Instituto Argentino de Normalización y Certificación, as the local issuer, ensuring the transparency that allows the market to scale.
What it means for buyers
With redemptions close to issuance, available Argentine volume is tighter than in previous years. Companies that need certificates from Argentina, especially from wind or solar, benefit from securing supply early in the year.
