July 5 (Renewables Now) - Philips Lighting (AMS:LIGHT) said on Monday it has struck a deal to buy renewable power using the International REC Standard (I-REC) from the Mohammed bin Rashid Al Maktoum solar complex in Dubai.
I-REC is an electricity tracking initiative that helps end-users reliably document the origin of their power consumption. The scheme is available in select markets in Africa, Asia and Latin America.
By purchasing “traceable renewable electricity” Philips Lighting has become the first international company to buy renewable electricity in the Gulf region under the I-REC Standard. The deal was signed with Dubai Electricity and Water Authority (DEWA), with the assistance of renewable energy consultancy ECOHZ. The renewable energy certificates (RECs) will be issued by the Dubai Carbon Centre of Excellence.
Philips Lighting, a subsidiary of Dutch electronics giant Philips, has committed to 100% renewable power for its operations.
The Mohammed bin Rashid Al Maktoum solar complex in Dubai will have a total capacity of 5,000 MW, once fully operational in 2030. Phases I and II, with a combined capacity of 213 MW, are already generating power, while the third 800-MW phase will be completed in 2020.