Facility located in South Sulawesi, Indonesia is already operational and is expected to begin generating I-RECs during the first half of 2025
The Southeast Asia hydroelectric market is expected to grow from 70 gigawatts in 2024 to 89 gigawatts by 2029, at a CAGR of 4.8%
DevvStream Corp. ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, today announced an agreement (the "Agreement") transferring ownership of all renewable and carbon assets generated by the PT.Siteba Energy Hydroelectric Power facility (the "Facility") to DevvStream in the form of international renewable energy certificates ("I-RECs"). DevvStream will manage the I-REC certification process and will receive a significant portion of the net value of I-RECs created from the Facility. Today's announcement comes on the heels of DevvStream's recently signed agreement with Sogod Energy to generate I-RECs via the Medellin solar power generation facility in the Philippines. Taken together, these announcements demonstrate DevvStream's commitment to becoming the leading I-REC generation partner for renewable energy production throughout Asia. The Agreement represents an advancement in the Project Development category of DevvStream's three-tiered corporate strategy and is anticipated to begin generating I-RECs during the first half of 2025.
Hydroelectric power represents a vital renewable energy source for the nation of Indonesia. Based on data from the Energy and Mineral Resources Ministry, the nation's hydroelectric power plants had a total installed capacity of 6,689 megawatts at the beginning of 2023, amounting to 53% of the total renewable power supply. Moreover, the hydroelectric power market in broader Southeast Asia is projected to grow significantly in the coming years, with the installed capacity expected to increase from 70 gigawatts in 2024 to 89 gigawatts by 2029, representing a compound annual growth rate ("CAGR") of 4.8%. This growth is primarily being driven by rising investments in hydropower projects and the growing demand for renewable energy across the region.
"Establishing a diverse asset portfolio across an array of environmental and energy transition assets is critical to the Company's success," said Sunny Trinh, CEO of DevvStream. "Our intention is not only to produce high volumes of I-RECs, but to generate these I-RECs from a broad spectrum of renewable energy sources-including solar, hydropower, biomass, geothermal, landfill gas, and more-across multiple geographic regions. Our Agreement with PT.Siteba Energy represents a critical first engagement in what we believe will be multiple upcoming large-scale commitments across the nation of Indonesia. I'd like to extend my appreciation to our associate, Derek P. Maras, for his continued hard work in establishing the Company's presence in Indonesia and across the ASEAN union. We're extremely proud to partner with PT.Siteba Energy on this important hydropower infrastructure project that is already providing numerous benefits to the region."
"Hydropower in Indonesia has vast potential, and it has not yet been fully realized," said Pak Bondi, Director of PT.Siteba Energy. "Our facility is a critical part of the energy provision infrastructure in the local area, providing renewable energy for the people of Siteba Village, North Walenrang District, Luwu Regency, and the surrounding areas. We are proud to work with DevvStream to produce high-quality I-RECs based on our operations, which will contribute toward our mission to promote the welfare and prosperity of all our customers."