I-REC(E) are interchangeable renewable energy attribute certificates to evidence the production of electricity from a renewable energy source.

The main unit of measurement for I-REC(E) is the megawatt hour (MWh).

The purpose of I-REC(E) certificates is to introduce transparency regarding the source of electric power, allowing all electricity consumers to make an informed, evidence-based choice for electricity from a preferred technology.

End-users of electricity may purchase I-REC(E) as a probative statement of ownership of the underlying electricity attributes associated with their physical consumption of electricity. I-REC certificates can be used to support the energy source of a renewable contract, or purchased separately from the electricity supply to a generator or trader.

I-REC(E) certificates are recognized and guarantee compliance with international standards on consumer declarations, such as the GHG Protocol, CDP, RE100 and others.

The Standard works through a digital platform (“IREC Registry”) that ensures traceability in the life cycle of an attribute, from the registration of its creation (“issuance”), transfers to its allocation to a final energy consumer (“redemption”) and declarations regarding each I-REC certificate of registered plants.

The Standard operates under two roles: Registrant and Participant.

• A Registrant is an entity that administers the assets that are registered under its contract: the registration of the
  plants/plants and can request the I-RECs emissions associated with them.
• A Participant is an entity that manages the I-RECs issued by a Registrant, being able to hold, transfer or redeem them through its account.

The Standard is linked to the companies, depending on the role, as follows.
In the case of Registrants, they must contact the Local Issuer in their country, for Chile SCX, with whom the service contract is established. And in the case of Participants, companies can contact I-REC Services directly (helpdesk@evident.services), or coordinate with their Local Issuer, however, the contract associated with these services is with I-REC Services.

The contract with SCX, local issuer for Chile, contemplates the plant registration services and issuance of associated I-REC certificates, the fees for which are as follows:

• Registration and Renewal of Plant Registration is valid for five years from the date of registration. The current rates are, for plants whose capacity:
  • Less than 1 MW, it is EUR 300
  • From 1 MW up to less than 3 MW, it is EUR 500
  • Greater than or equal to 3 MW, is EUR 1000
• Issuance of certificates, with a value for each MWh of certified renewable energy, is EUR 0.025/MWh.
• Issuance of certificates – self-consumption: (for each MWh of certified renewable energy) = EUR 0.035/MWh

*Rates correspond to net values.

The contract with I-REC Services includes the marketing and redemption services of I-REC’s certificates, whose rates are as follows:

• Account Opening EUR 500.00
• Annual maintenance of the account EUR 2000.00
• Redemption of Certificates (per MWh) EUR 0.06

No, the I-REC Standard provides and requires a level playing field for all market players and guarantees a fair and competitive market. This means that all participants and registrants pay the same fees for the same services.

No, the I-REC market operates on a non-discriminatory basis so that all Registrants and Participants have the same contractual conditions.

Registrants act on the side of the renewable energy producer, and may be the generator or an agent of the generator.
A Registrant does not have to be the owner of the facility. However, Registrants must have the exclusive right to commercialize the renewable energy attribute. Registrants are the only parties that may register a production facility with the Issuer and request the issuance of I-RECs.
Participants are market players that can administer, transfer between participants and redeem I-RECs on behalf of consumers.

Yes, an organization can register as a Registrant and a Participant.

The link as Registrant is with the Local Issuer, in the case of Chile, with SCX.
You must submit the following information with your application:

• A completed, signed and dated copy of the contract with SCX in which it adheres to the I-REC Standard.
• A completed, signed and dated copy of the I-REC registration application form.
• Copy of the power of attorney of the Legal Representative(s) or of those signing the contract
• Power of attorney in force for no more than 30 days.
• Copy of identity card / passport of the signatory(s).
• Copy of the company’s accounts dated within the last 12 months, tax folder.
• For corporate entities: proof of the company’s registration number (e.g., a copy of the Certificate of Incorporation).
• Company logo.

*The requested information must be sent in its completeness to begin the review of the same. The response period is 15 working days, once all the documentation has been sent.

You should send to helpdesk@evident.services the following information with your application:

• A completed, signed and dated copy of the I-REC registration application form.
• Audited annual balance sheet.
• Copy of passport of signatory(s)

In the case of end consumers, it is not necessary for them to register. As beneficiaries, they receive a Redemption Statement notifying the ownership of the I-RECs in their name. Alternatively, you can become a Participant and buy directly from the market.
In the case of intermediaries who wish to act as traders of I-RECs, they must have an active Participant account on the platform.

Yes, there are two dates during the year to consider:

• On May 31 of each year, the deadline for issuing I-RECs for the generation of the first half of the previous year is May 31.
• On September 30 of each year, the deadline for issuing I-RECs for the generation of the second half of the previous year is September 30.

No, an I-REC(E) is a statement of a verified historical fact, relating to an activity at a specific electricity production facility at a specific time.
Notwithstanding the foregoing, the validity of an I-REC certificate redeemed for a certain purpose may expire depending on the guidelines provided by the authority to which the certificate redemption is being reported.

No, an I-REC(E) is a single (immutable) statement. The information contained in an I-REC(E) at the time of its issuance cannot be subsequently modified, except in exceptional circumstances where the verified historical facts are found to be erroneous.

No, I-RECs cannot be issued for any future activity or event, because it is a statement of a verified historical fact.

The eligibility of a redeemed I-REC(E) to be presented for a purpose may vary according to the requirements of the Entity to which the redemption is communicated, or applicable law.
It is the responsibility of the purchaser of an I-REC(E) to ensure the validity under national law or for the intended purpose and requirements of the authority to which the certificate redemption is communicated.

Yes, for each of the requests that are made, registration and issuance, you must send the respective signed annex and request a new request number which will be assigned by SCX.

You must submit the following information with your application:

• Annex B.
• Plant registration form.
• Letter of entry into operation.
• Project photos.
• Unilinear diagram.

In case the registrant is not the owner of the device, you must add:

• Annex D duly signed.
• Copy of the deed of those who sign Annex D.
• Copy of identity card / passport of those who sign Annex D.
• Power of attorney in force for no more than 30 days.

*The requested information must be sent in its completeness to begin the review of the same. The response period is 15 working days, once all the documentation has been sent.

You will be asked to enter the coordinates and address of the Production Facility in the Evidence Record. The address should be the address of the Production Facility (e.g., the address of the wind farm, solar plant, hydroelectric plant, etc.) and not the address of the owner’s office.

Production Facilities are recorded for an initial period of 5 years. Before the end of the 5-year period, SCX will contact you to give you the opportunity to renew the device for another 5 years. Further details of the process and costs involved will be sent to you in an email at that time.

Registration verifications of production facilities can take up to 2 weeks once all required documents and information are available.

In general, you will be billed as soon as you are notified of the device registration approval.

The first day of eligible production may be up to 12 months before the Issuer receives the registration documentation for the Production Facility. However, this term may be restricted by the Issuance term.

You must submit the following information with your application:

• Annex C.
• Issue form.
• Evidence of production.

In case the device is installed in-situ, and its generation is mainly addressed to a single end customer, it must be accompanied:

• Customer sales invoices.
• Copy of the contract with client.

*The requested information must be sent in its completeness to begin the review of the same. The response time is 7 working days, once all the documentation has been sent.

For the issuance process, the registering account is used as the account of origin, and a participating account is needed to dispose of them (which can be of the same company or of the entity to which they are delivered).

No, an I-REC is a statement of historical fact and is issued against proof of generation from a specific source at a specific time. No Issuer can guarantee future delivery.

No, but please note that if you submit a Request for Issue dated for a full month, but only wish to claim half of the month, you will not be able to claim the balance at a later date. For example, if you had eligible production of 1000MWh from May 1 to May 31, but only want to claim 600MWh, you can submit a request for issuance from May 1 to May 19. It would then have the option to claim the remaining 400MWh using the date range May 20 to May 31.

It is not possible to retain the right to obtain emission reduction certificates or carbon offsets, as well as to claim I-RECs for the energy nominated in an Emission Application.
An I-REC cannot be issued without including avoided emissions, carbon offsets or a similar MBI that may be available to the registrant or device owner.
By submitting an Emission Application for an I-REC, you confirm that you are entitled to such avoided emissions, carbon offsets or similar market-based instruments and irrevocably assign such rights within each I-REC issued. Each I-REC will carry an identifier throughout its life that includes the right to such avoided emissions, carbon offsets or similar market-based instruments, which will be visible to I-REC participants.

No, it is not possible to send requests for issuance that cross the end of the year. In this case, two applications must be made for the period of each respective calendar year.

Yes, the issuance request, transfer and redemption allows up to the Wh level (3 decimal MWh).
Notwithstanding the foregoing, the minimum amount to be requested must be greater than or equal to 1 MWh.

Please note that the redemption of an I-REC marks the end of its transferable life cycle. Once redeemed, an I-REC can no longer be transferred. Therefore, please check the details carefully when making redemption requests as the process is irreversible and is detailed in the Participant’s User Guide.
In exceptional cases, which will be evaluated on a case-by-case basis, modifications to the redemption of certificates may be made subject to an additional cost to the Participant. For more information contact the I-REC Standard Secretariat at secretariat@irecstandard.org.

Step-by-step instructions on how to generate a redemption statement can be found in the Participant’s User Guide.

No, once you have issued your I-RECs and they have been credited to your participant account, there is no deadline to sell them.
Several organizations, such as RE100, publish best practice guidance on the use of I-RECs and may recommend or require a time period for redemption.