DevvStream Taps Asia's Soaring I-REC Market with Medellin Solar Deal; Stock Jumps

DevvStream Corp. (NASDAQ:DEVS) announced an agreement to acquire all renewable and carbon assets from the Medellin Solar Power Facility in the form of international renewable energy certificates (I-RECs).

The Medellin Solar Power Facility, with a 730 MWp capacity, is part of the “2030 Smart City” plan in Cebu, Philippines. Developed by Sogod Energy Inc., it will generate 1.2 million I-RECs annually from 1.219 million MWh of energy.

I-RECs certify 1 MWh of renewable energy generated and injected into the grid. Organizations buy them to meet renewable energy goals, support clean energy, and report sustainability while ensuring credibility through the globally recognized I-REC Standard.

The agreement grants DevvStream full ownership of renewable energy and carbon assets, marking its entry into global energy transition markets. This milestone also advances the “Project Development” tier of the Company’s corporate strategy, reinforcing its role in sustainability.

The development of the Medellin Solar Power facility will proceed in three phases. Phase 1 is expected to be completed within 6 months, and the first I-RECs are anticipated to be produced approximately one month after its completion.

“While our roots are in carbon, DevvStream maintains a diverse asset portfolio, representing a range of environmental and energy transition assets,” said Sunny Trinh, CEO of DevvStream.

“I-RECs present a new opportunity for diversification and growth, particularly in the Asian segment, which accounts for approximately 70% of the world’s total installed solar capacity. To penetrate this market, we are starting with ASEAN member states, where demand is strong and prices are correspondingly higher. The rise of the I-REC market in Asia overall has been significant in recent years, offering DevvStream a strong path toward revenue while broadening the Company’s environmental impact and global reach.”

Price Action: DEVS shares are trading higher by 30.6% at $1.00 last check Friday.

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