Panama: Enel and First Climate sign first-of-its-kind I-REC sale agreement


Enel Green Power has signed an agreement for the sale of International Renewable Energy Certificates (I-RECs) with First Climate.

The deal is the first in Panama involving an energy supplier selling IRECs to a counterparty, other than a large client.

The negotiation resulted from a request from First Climate to purchase I-RECs from a photovoltaic plant.

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I-RECs guarantee that the energy supplied to the final consumer comes from renewable sources and are recognised by the main global sustainability indices as a tool that helps meet national and international renewable energy goals.

Each I-REC represents proof that 1MWh of renewable energy has been produced and includes the environmental benefits that this energy has generated.

Paola del Rio Villegas, sourcing and business development manager at First Climate, said: “Switching to renewables is vital for the global transition to a low or zero-carbon economy. It is essential that companies take bold climate action and align their energy procurement strategies with the sustainability goals set forth by initiatives such as RE 100 or CDP. We are excited about the possibility to help our clients source renewable energy in Panama thanks to our partnership with Enel.”

Enel has recently partnered on IRECs with Nestlé Panama, Manzanillo International Terminal and 3M.

Percy Garrido, head of energy management at Enel in Central America, adds: “As the largest renewable energy operator in the country, the sale of I-REC certificates represents an added value for our clients since it allows them to value their efforts in terms of Sustainability, related to the consumption of renewable energy. We could say that the value of the energy that our clients acquire from us doubles with the purchase of these certificates. At Enel Green Power Panama, we are pleased to provide our clients with one more tool to raise their sustainability indexes.”