Xpansiv, a global provider of registry infrastructure for energy, power, and environmental commodity markets, has announced the acquisition of Evident Group, as it seeks to strengthen its position in the renewable energy market.
The acquisition builds on Xpansiv’s previous minority investment in Evident, and will see Evident’s international renewable energy certificate (I-REC(E)) and other registries combined with Xpansiv’s North American Renewables Registry (NAR) and Tradable Instrument for Global Renewables Registry (TIGR), to create a unified renewable energy certificate (REC) network.
This network will boast more than 300 GW of capacity and more than 4,000 participating companies.
‘Shared goals’
“Today’s announcement reflects the shared goals and close relationship we have developed with Evident as we work to build energy transition solutions at scale, centering on transparent, independent certification and robust infrastructure,” commented John Melby, CEO, Xpansiv.
“It is also a milestone in our diversification strategy to build out our renewable energy and power markets portfolio to more fully support the global energy transition. Along with our exchange, market execution, and portfolio integration capabilities, we’re making it easier than ever for companies to transact clean energy certificates and meet their sustainability goals.”
Following the acquisition, Evident will continue to operate as an independent certification body, while its governance under the I-TRACK Foundation remains unchanged.
In a statement, the company said that users of its infrastructure ‘can remain confident that the robustness, quality, and reliability of its services will not only be maintained but enhanced’ as a result of the acquisition.
“Through the talent and expertise of our fantastic team, Evident has become the pre-eminent trusted partner for sustainable energy certification across more than 60 countries,” added Ed Everson, co-founder, Evident. “Thank you to all those within Evident who have made that success possible.”
Global demand
The acquisition comes amid strong global demand for renewable energy and RECs, driven by data centers, electric vehicles, and other sources. According to the International Energy Agency (IEA), global renewable electricity capacity is expected to double by 2030, adding 4,600 GW, equal to the combined installed power capacity of China, the European Union, and Japan.
Between January and September this year, Evident issued more than 300 million I-REC(E)s, surpassing the 2024 full-year total of 290 million.
Marlborough Partners, Deloitte, Clifford Chance, and Ashurst served as advisors to Xpansiv. Read more here.
