Peru had a year of rapid expansion. The 2024 vintage brought a large increase in volume and a more diverse generation mix, confirming the country as one of the most dynamic I-REC markets in Latin America.
Key figures, vintage 2024
I-RECs issued
9,937,767 MWh
+40.2% vs 2023
I-RECs redeemed
7,174,142 MWh
+33.2% vs 2023
Worldwide rank
10th
Up 1 place vs 2023
Latin America rank
4th
No change vs 2023
Active installed capacity
3,138.9 MW
+40.2% vs 2023
Devices registered and active
36
+15 vs 2023
Average COD of I-RECs issued
January 2005
4.3 years more recent than 2023
Generation mix of I-RECs issued
- Hydro 76.6%
- Wind 18.1%
- Solar 5.3%
Significant market growth
Issuance and active installed capacity both grew 40.2%, reaching 9,937,767 MWh and 3,138.9 MW respectively, while redemptions climbed 33.2% to 7,174,142 MWh. This upward trend shows a market that is scaling quickly to keep pace with corporate demand.
A notable leap for solar
Peru's energy mix is shifting. Solar increased its share from 0.6% in 2023 to 5.3% in 2024. Hydro still leads with 76.6% of issuance, supported by the country's rivers and high-altitude watersheds, and wind contributes 18.1%, but solar is clearly gaining ground.
The arrival of newer assets is also visible in the data: the average commercial operation date of the certificates issued moved forward 4.3 years, to January 2005.
Global and regional standing
Peru is now the 10th largest I-REC issuer in the world, one place higher than the year before, and remains 4th in Latin America. The ecosystem grew to 36 active devices, 15 more than in 2023.
We also recognize the technical oversight of AENOR Perú as the local issuer, which ensures the traceability and reliability of the Peruvian registry.
What it means for buyers
Peru combines strong growth in supply with a mix that now includes wind and solar alongside hydro. For companies with operations in the Andean region, or those looking for competitive Latin American volumes, Peru is a market worth including in their sourcing strategy.
