The International Tracking Standard Foundation: Founder of I-REC (I-TRACK Foundation) is pleased to share the news on Oman’s first national I-REC(E) auction held by Nama Power and Water Procurement (PWP) with the support from DLA Piper.

This auction is a significant milestone for the local and regional I-REC(E) markets as it showcases an effective structure for the market participant engagement in renewable energy procurement. The auction has been further supported through the use of the I-REC(E) Single Trade Agreement that was developed by DLA Piper and the RECS Energy Certificate Association in cooperation with the I-TRACK Foundation.

In referring to this development, Oleg Dobrovolsky, the Regional Director of the I-TRACK Foundation has emphasized the positive effect of standardization:

Standardization enables the market participants to mobilize global expertise and resources to achieve remarkable results both on regional and national levels. This value gets consistent recognition in the Middle East and will contribute significantly to further growth of the national renewable energy markets in the region.

This development became possible thanks to the amazing foundational work led by the I-REC(E) Local Issuer Three Pillars Consulting in Oman.

To view the official page of the auction, go here: The Oman Power and Water Procurement Company (OPWP)

For any questions, please contact the I-TRACK Foundation secretariat via secretariat@irecstandard.org.