Saudi operator of power generation and water desalination plants, ACWA Power has announced it will adopt SolarCoin, the global reward system for solar power generation.
ACWA said the blockchain-based system will provide solar power producers with digital tokens for every MWh of generated electricity and a supplementary means of payment for goods and services in place of conventional currency.
“Being early utility-scale adopters of SolarCoin, ACWA Power is proud to leverage our rapidly growing solar energy generation capacity to accelerate the utilization of SolarCoins to in time further reduce the cost of solar energy through the supplementary value being created,” said ACWA Power’s president Paddy Padmanathan.
The global cryptocurrency, SolarCoin allows solar electricity producers to accrue currency for the solar energy they generate. One SolarCoin represents 1 MWh of PV electricity. The platform is growing in popularity in many developed solar markets across Europe, North and South America, Australia, Japan and India.
Some smarthome solutions providers, such as Smappee are also partnering with SolarCoin to allow homeowners peer-to-peer trading of their solar energy, essentially sharing PV electricity with homes that do not have solar systems installed.