US companies Elapath Energy and RenewableErgon are teaming up to develop a 150 MW solar project in Taiwan. The $250 million project will be built in Budai, Chiayi County.
Work on the first phase of the project is scheduled to start next month, following regulatory alignment with Taiwan’s Energy Administration, Ministry of Economic Affairs (MOEA), with an aim for completion in February 2025. Once finished, the project is expected to generate solar energy for 30,000 homes.
RenewableErgon is a blockchain-based platform that leverages smart contracts, dynamic electricity pricing, investment and staking in renewable energy projects.
According to its website, it has co-developed large-scale solar projects in Cambodia, Singapore, and Taiwan that investors can participate in by purchasing energy shares per kilowatt-hour, with a minimum investment of $5,000.
Figures from MOEA show that Taiwan added 2.7 GW of new solar capacity in 2023, bringing its total capacity to 12.41 GW by the end of 2023.
The Taiwanese government has set targets of achieving 20 GW of renewable energy capacity by 2030 and reaching net zero emissions by 2050.
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