Empowering Asia: DevvStream’s Latest Addition of Hydroelectric Power Facility to the IREC Program
Description:
The 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%. Calgary, Alberta–(Newsfile Corp. – December 18, 2024) – DevvStream Corp. (NASDAQ: DEVS) (“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.
Hydroelectric power is a clean and renewable energy source that has the potential to transform the energy landscape in Asia. By adding the Hydroelectric Power Facility in South Sulawesi to the IREC Program, DevvStream is contributing to the region’s sustainable development goals and reducing carbon emissions.
Impact on Me:
As a resident of Asia, the addition of the Hydroelectric Power Facility to the IREC Program will have a direct impact on me. This initiative will help in providing cleaner and more reliable energy sources, leading to a more sustainable future for the region. It will also contribute to reducing carbon emissions, improving air quality, and creating job opportunities in the renewable energy sector.
Impact on the World:
The addition of the Hydroelectric Power Facility to the IREC Program by DevvStream will have a significant impact on the world. By increasing the renewable energy capacity in Southeast Asia, this initiative will help in the global fight against climate change. It serves as a model for sustainable energy development and demonstrates the feasibility of transitioning to clean energy sources on a larger scale.
Conclusion:
DevvStream’s commitment to expanding renewable energy sources through the addition of the Hydroelectric Power Facility to the IREC Program is a commendable step towards a more sustainable future. By harnessing the power of hydroelectricity, DevvStream is not only empowering Asia but also setting an example for the world to follow in the transition towards a cleaner and greener energy landscape.
