- Agreements with I-REC(E) issuers of Mexico and Colombia pave the way for REDEX to support increased adoption of renewable energy by entities in both countries
- Expands REDEX’s footprint in Latin America, affirming company’s status as premier and innovative RECs solutions provider
REDEX has signed Memoranda of Understanding (MoU) with Fundación ECSIM and NORMEX. The MoU were signed on 2 July 2024 at the I-REC Standard Conference held in Sao Paulo, Brazil. REDEX Founder and CEO Mr Kang Jen Wee signed the two agreements on behalf of REDEX while NORMEX President of the Board of Directors Mr José Enoch Castellanos Férez and ECSIM Director Mr Diego Gomez represented their respective organisations.
NORMEX is the accredited Issuer of I-REC(E)s in Mexico. It is a Mexican leader in standardisation, testing, inspection, and certification services. Created in 1992 as an independent standardisation and certification body, NORMEX is recognised by Entidad Mexicana de Acreditación A.C. (ema) and by the Secretaría de Economía, as well as by different government entities, to carry out standards, audits, inspections, and laboratory tests, under the requirements of national and international standards.
ECSIM is the accredited Issuer of Issuer of I-REC(E)s in Colombia. It is a non-profit entity directed by a group of researchers committed to building more humane, developed, integrated and peaceful societies. ECSIM carries out consultancy and social, economic and financial studies, with high quality standards, which contribute to the design of public policies, increased competitiveness and a better understanding of the determinants of social, economic and business development.
The MoU aim to expand mutual collaboration and pave the way to increase the adoption and issuance of I-REC(E) in Mexico and Colombia by creating and deepening the pool of liquidity in REHash, REDEX’s RECs exchange. REDEX will also work with both parties to develop a vibrant marketplace/trading exchange for all I-REC product codes in the markets.
About the MoU, Mr Kang said, “The Memoranda of Understanding with NORMEX and ECSIM affirm REDEX as a premier one-stop REC solutions provider globally. By joining forces with both organisations, REDEX is well-positioned to offer our innovative technological solutions to the growing Latin America market and support the decarbonisation efforts of Mexico and Columbia.
“REDEX thanks NORMEX and ECSIM for their trust and signing the MoU with us. We are honoured and look forward to working with them to accelerate the global transition to net zero.”
The agreements also underscore the growing influence and importance of I-REC(E) in global REC markets, and signify the influence of the I-TRACK Foundation in shaping REC markets and the ecosystem.
After signing the agreement with REDEX, NORMEX expects to offer more market mechanisms for both the providers and consumers of I-RECs in Mexico. To facilitate the trading of RECs, NORMEX also hopes to work together with REDEX to increase the registration of more distributed energy plants by making the process of registration smoother for those wanting to enter the I-REC market.
Mr Gomez said, “The launch of the REDEX platform in Colombia is seen by local issuer Fundación ECSIM as a positive development for the I-REC market in Colombia, as it will create new opportunities. It also offers a convenient and easier way for some end users to access I-RECs and allows renewable plants to showcase additional benefits from their plants. Furthermore, it enables plant owners the delegation of attribute management to REDEX as Registrant.”
In March 2024, REDEX signed a similar agreement with Instituto Totum to expand adoption of I-REC(E) in Brazil.
