A significant milestone for the local industry: Mexico issued more than 10 million MWh of I-RECs for the 2024 vintage. Here are our key takeaways from the data.
Key figures, vintage 2024
I-RECs issued
10,003,624 MWh
+6.9% vs 2023
I-RECs redeemed
7,443,915 MWh
+44.1% vs 2023
Worldwide rank
9th
Up 1 place vs 2023
Latin America rank
3rd
No change vs 2023
Active installed capacity
4,312.9 MW
+6.7% vs 2023
Devices registered and active
414
+312 vs 2023
Average COD of I-RECs issued
March 2015
1 month more recent than 2023
Generation mix of I-RECs issued
- Wind 71.8%
- Solar 15.0%
- Hydro 8.6%
- Biomass 2.8%
- Geothermal 1.0%
- Solar DG 0.7%
- Biogas 0.1%
Growth in certificate use
Issuance grew 6.9% to 10,003,624 MWh, while redemptions jumped 44.1% to 7,443,915 MWh. Demand is clearly rising faster than supply, with more companies redeeming certificates to meet their 2024 sustainability goals.
Global and regional standing
Mexico remains a key player in the I-REC market: the 9th largest issuer worldwide and the 3rd largest market in Latin America, after Brazil and Chile.
The rise of distributed generation
The number of active devices grew by 312, to 414 in 2024. This growth is driven by registrations of solar distributed generation (DG) assets, plants of 0.5 MW or less, showing that smaller projects are becoming a pillar of the ecosystem. In volume terms, however, the mix is still led by wind (71.8%), followed by solar (15.0%), hydro (8.6%), biomass (2.8%), geothermal (1.0%), solar DG (0.7%) and biogas (0.1%).
Active installed capacity grew 6.7%, to 4,312.9 MW, and the average commercial operation date of the certificates issued is March 2015.
We also recognize NORMEX as the local issuer, for its fundamental role in strengthening the market.
What it means for buyers
Companies with operations in Mexico can report their electricity consumption as renewable with local I-RECs, from a market that is growing and diversifying. New assets can choose between producing I-RECs or Clean Energy Certificates (CELs) for compliance, which keeps local I-REC supply competitive, so early planning helps secure the volume and technology you need.
