Baker McKenzie has advised the Goal Number Seven association on the launch of the international renewable energy certificates system in Russia. The firm provided its services on a pro bono basis.
Goal Number Seven is a non-profit organization authorized to issue I-RECs to Russian renewable energy producers. According to Baker McKenzie, “I-RECs are electronic documents certifying renewable power production and associated environmental attributes … [and their purpose is] to incentivize renewable power producers by creating additional cash flows for renewable projects and improving their financial feasibility.”
Baker McKenzie reported that, so far, 14 Russian energy producers have registered in the I-REC system.
The Baker McKenzie team included, in Chicago, Partner Stanislav Sirot, in St. Petersburg, Partner Maxim Kalinin and Associates Roman Ishmukhametov and Ekaterina Gladkikh, and in Moscow, Partner Marina Tokunova.