Infographic: March I-REC prices drop across Asia; India, Malaysia rebound

Asia’s I-RECs markets showed mixed trends in March. Most countries, including Vietnam, Singapore, and Thailand, saw bearish activity due to oversupply and low demand.

Vietnam’s solar vintage 2025 I-RECs fell 10.2% month over month to 44 cents/MWh while Singapore’s vintage 2024 solar I-RECs dropped 14.8% to S$72/MWh. Thailand experienced price declines in solar and hydropower, but biomass prices rose slightly amid emerging demand.

In contrast, India and Malaysia bucked the trend. India saw a 5.2% month-over-month rise, driven by strong end-March demand and tight supply, with solar and wind vintage 2024 I-RECs closing at 77 cents/MWh. Malaysia's prices also rebounded late in the month after an initial slowdown, with vintage 2024 solar peaking at $4.20/MWh.

Across the region, thin liquidity and inventory shortages impacted deal-making, with some generators in India unable to meet buyer requests. Despite regional pressure, few markets showed resilience heading into the new fiscal year.

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