Xpansiv Limited has completed the acquisition of Evident Group Limited, integrating their respective registry and infrastructure capabilities to establish a unified global network for renewable energy certificates (RECs) that now encompasses over 300 GW of capacity and more than 4,000 participating companies.
The acquisition follows a prior minority investment by Xpansiv in Evident, a registry operator and certification body. This integration merges Evident’s international renewable energy for electricity “I-REC(E)” and other registries with Xpansiv’s North American Renewables Registry (NAR™) and Tradable Instrument for Global Renewables Registry (TIGR™).
John Melby, CEO of Xpansiv, stated, “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. 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.”
Evident’s operational structure, including its role as an independent certification body and its governance under the I-TRACK Foundation, will remain unchanged. Evident will continue to function as an independent market facilitator for I-REC(E) and other products, overseen by the I-TRACK Foundation and in alignment with the International Attribute Tracking Standard. This framework is designed to maintain transparency and market integrity. Dirk Van Evercooren, Chairman of the Board for the I-TRACK Foundation, affirmed, “The I-TRACK Foundation is looking forward to continuing to support Evident, as an Accredited Code Manager under the I-TRACK Foundation’s International Attribute Tracking Standard, as it grows its impact, reach, and innovation across vital and trustworthy EAC markets.”
Users of Evident’s infrastructure are assured that the robustness, quality, and reliability of its services will be maintained and enhanced. The acquisition is expected to serve as a platform for increased innovation and continued advancement within the global REC registry sector. Ed Everson, Co-Founder of Evident, commented, “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.”
The acquisition occurs amidst a period of rapid growth in global demand for renewable energy and RECs, driven by increased electricity consumption from sectors such as data centers and electric vehicles. The International Energy Agency (IEA) projects that global renewable electricity capacity will double by 2030, adding 4,600 GW—an amount equivalent to the combined installed power capacity of China, the European Union, and Japan.
Evident has significantly expanded its operations, growing from supporting a single market in 2015 to more than 60 countries today, serving over 95% of the voluntary renewable energy certificate market outside Europe and North America. Through September of this year, Evident issued over 300 million I-REC(E)s, surpassing the 290 million issued in the full year of 2024. The company also reached a milestone in September by issuing its one billionth I-REC(E) since its inception. Beyond electricity, Evident also operates registries for methane emission reduction and sustainable aviation fuel.
Nathan Rockliff, Chief Strategy Officer at Xpansiv, noted, “The acquisition of Evident, a premier global registry provider in the fast-growing renewable energy markets, underscores our strategy to expand our comprehensive platform through acquisitions and organic growth.”
Xpansiv’s renewable energy network also incorporates leading U.
S. compliance registries including MIRECS, NC-RETS, NEPOOL, and NYGATS. This network is integrated through the Xpansiv ® Connect™ multi-registry portfolio management system and the CBL ® spot exchange, providing comprehensive issuance-to-retirement lifecycle support that aims to enable participants to manage positions efficiently and trade with increased confidence.
Marlborough Partners, Deloitte, Clifford Chance, and Ashurst served as advisors to Xpansiv in the acquisition.
