Chile continues to be a key leader for renewable energy tracking in Latin America. Our analysis of the 2024 vintage shows a steady, robust market with one of the most balanced generation mixes in the region.
Key figures, vintage 2024
I-RECs issued
25,125,466 MWh
+5.5% vs 2023
I-RECs redeemed
17,209,660 MWh
+7.8% vs 2023
Worldwide rank
4th
No change vs 2023
Latin America rank
2nd
No change vs 2023
Active installed capacity
11,078.3 MW
+8.5% vs 2023
Devices registered and active
240
+59 vs 2023
Average COD of I-RECs issued
February 2005
17 months more recent than 2023
Generation mix of I-RECs issued
- Hydro 49.8%
- Wind 23.6%
- Solar 23.2%
- Solar PMGD 3.4%
Growth in certificate use
Both issuance and redemptions keep trending upward. Issuance grew 5.5% to 25,125,466 MWh, and redemptions grew 7.8% to 17,209,660 MWh, showing that corporate participants remain committed to their sustainability goals year after year.
Global and regional leadership
Chile holds its place as the 4th largest I-REC issuer in the world and the 2nd largest in Latin America. For a country of under 20 million people, these rankings highlight its experience and its significant role in the regional energy transition.
An expanding energy ecosystem
Active installed capacity grew 8.5%, surpassing 11,000 MW across 240 active devices, 59 more than in 2023. The market is well balanced across hydro (49.8%), wind (23.6%) and solar (23.2%), plus 3.4% from solar PMGD devices: small and medium distributed generation plants of up to 9 MW, where many new assets have been registering recently.
These newer additions are pulling the average commercial operation date of the certificates issued forward, by 17 months to February 2005.
We also highlight the contribution of SCX, Santiago Climate Exchange, whose management as local issuer remains vital for the development of the market.
What it means for buyers
Chile offers large, stable volumes with a genuine choice of technology, from long-established hydro to recently built solar. It is a strong option for companies that want reliable supply and the flexibility to match certificates to specific sustainability criteria.
