YASHINNO

** Shares of Yash Innoventures YASI.BO surges an exchange-allowed maximum of 20% to 32.78 rupees

** Construction firm wins bid to redevelop residential apartment, with project value of 2.5 bln rupees ($29 mln)

** Stock down 16.2% so far in March quarter, on track to snap three-quarter winning run

($1 = 85.7800 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

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By Florence Tan

SINGAPORE, Oct 30 (Reuters) - Singapore-based renewable energy certificate (REC) service provider REDEX said on Tuesday it has raised $10 million from investors led by Aramco Ventures, a subsidiary of Saudi Aramco 2222.SE, to fund its expansion beyond Asia.

Other new investors in REDEX are from the Middle East, Southeast Asia, and Japan, the company said in a statement, without naming them.

"We are planning to get into the Middle East and Latin America markets in 2024 through the partnership with our strategic investors," Jen-Wee Kang, founder and CEO of REDEX told Reuters.

"The first location is probably Saudi Arabia."

REDEX operates a platform for utilities across Asia to register, verify and retire RECs. Each REC represents 1 megawatt hour of renewable electricity generated.

These certificates are traded on REDEX's platform, purchased by companies seeking to offset their scope 2 emissions from fossil-fuel power generation.

While offset products have been criticised for undermining efforts to fight climate change by allowing fossil fuels to still be consumed, they are viewed as a viable way for businesses to lower total net emissions. RECs have also become a source of income for renewable power generators.

Separately, REDEX said it started in June a partnership with China Southern Power Grid, one of the country's duopoly state power grids, to support the company in becoming a REC issuer in the world's fastest growing renewable power market.

(Reporting by Florence Tan; editing by Miral Fahmy)

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