KBank and INNOPOWER to launch a platform for REC
KBank and INNOPOWER to launch a platform for Renewable Energy Certificate (REC) registration and sale to generate additional income for organizations and individuals – the first of its kind in Thailand
Reinforcing its commitment to reducing greenhouse gas emissions, KASIKORNBANK (KBank) has partnered with INNOPOWER Co., Ltd. (INNOPOWER) – a pioneer in energy innovations, in unveiling a platform to support registration and sale of renewable energy certificate (REC) for both organizations and the general public. This groundbreaking platform, a first for Thailand, is scheduled for launch in the second quarter of 2024. It will not only make it easier for retail customers with solar panels to register and sell REC but also allow them to earn additional income as small-scale power producers. This initiative aims to promote the sustainable generation and use of renewable energy in Thailand.
Mr. Karin Boonlertvanich, KBank Executive Vice President, said, “KBank is committed to supporting businesses and the public sector in using clean energy. In pursuit of this goal, we have launched a wide range of products and services under the ‘Go Green Together’ concept. This collaboration with INNOPOWER aims to foster a sustainable green ecosystem through the production and use of clean energy in the public sector. For the first time, individuals installing solar rooftops will have a convenient and easy channel for registering and selling Renewable Energy Certificate [REC] through INNOPOWER. Previously, the registration was limited to only large businesses. Aside from helping save on electricity costs, these individuals can also benefit from selling REC. This project should encourage more people to generate and use clean energy through increased installations of solar rooftops. The initiative aims to support Thailand in achieving its Net Zero emissions target”.
The Bank has leveraged its digital expertise for the development of three services under ongoing projects. These services are: 1) Identity verification and submission of required information for REC registration; 2) UX/UI design and IT system development to offer solar rooftop installers greater convenience in using the REC registration service; and 3) Cash management, which involves the development of financial solutions to link the Bank, INNOPOWER and customers who sell REC. Such financial solutions will have an appropriate and secure payment format to meet the lifestyle needs of small users and create the most satisfying payment service experience.
Mr. Athip Tantivorawong, CEO of INNOPOWER Co., Ltd., said, “INNOPOWER is Thailand’s leading REC procurement and trading service provider, primarily serving large organizations. Our collaboration with KBank focuses on aggregating electricity generation capacity for individuals and small-scale organizations in the residential sector with solar rooftops, typically under 500 kilowatts. With the solar rooftop market growing at 26% annually, the ‘REC Aggregator Platform,’ developed in partnership with KBank, responds to the demand by supporting us to facilitate data preparation and registration of REC for small-scale power producers. This allows them to sell the issued and certified REC to buyers and earn additional income. KBank plays a pivotal role in simplifying REC registration, thereby strengthening our support for organizations and the nation in attaining tangible objectives of carbon neutrality and Net Zero emissions effectively.”
Renewable Energy Certificate (REC) are tradable certificates that represent proof of the production of electricity generated from renewable energy resources such as solar, water and wind. The purpose of trading REC is to promote the production and use of renewable energy. REC can be used to offset an organization’s greenhouse gas emissions from electricity consumption (Scope 2: Indirect Emission).
