Following the acceptance of Russia as an authorized issuance country under the I-REC Standard at the beginning of 2020, the first I-RECs have been issued for devices in the country. Stakeholders and market players are confident that there will be a robust market for I-RECs in Russia developing in 2021.

First successful issuance
The local I-REC issuer in Russa, Goal Number Seven (GNS), has issued their first I-RECs after EN+ Group successfully registered a device and requested issuance. The I-REC Standard Foundation congratulates all stakeholders with this accomplishment that paves the way for end-users to further accelerate the development of renewables in Russia by procuring renewables through a robust attribute tracking scheme.

Please see this link for the press release of En+ Group.

Sberbank now an active I-REC market player
In addition to the added supply of I-RECs to the Russian market, there is a growing demand for I-RECs which can be seen by the successful application of Sberbank as an I-REC participant. Sberbank is the largest bank in Russia, Central, and Eastern Europe with over 14,000 branches in 83 Russian regions and is also active overseas, such as in the United Kingdom and the United States. With their role as a participant, Sberbank is now able to purchase and redeem I-RECs on behalf of themselves and others. The I-REC Standard Foundation continues to collaborate with Sberbank on the development of a platform where I-REC sellers and buyers can meet and trade I-RECs.

Sberbank’s press release can be found here.