ACWA Power will start using SolarCoin, a blockchain-based reward system for green energy production
ACWA Power, the Saudi-based developer, owner and operator of power generation and water desalination plants, will now start using SolarCoin, the first time a utility-scale company will adopt the global reward programme for solar electricity generation.
Launched in 2014, SolarCoin is a blockchain-based digital currency that is designed to motivate the production of clean technology, with one coin distributed to any entity verifiably producing 1 MWh of solar energy.
Unlike Bitcoin, whose miners collectively use up 50 terawatt hours per year – more than Hong Kong or the countries of New Zealand and Peru – SolarCoin uses an ultra-low carbon blockchain technology called proof of stake time on its open-source ledger system.
ACWA hopes that adopting SolarCoins will not only become an additional revenue stream, but encourage other solar energy investors to install more generation capacity.
“We are always looking for ways to adopt new technologies to add value and reduce cost in all that we do and blockchain technology in our view offers a yet untapped opportunity for the power generation sector,” said Paddy Padmanathan, President and CEO of ACWA Power.
“Being early utility-scale adopters of SolarCoin, ACWA Power is proud to leverage our rapidly growing solar energy generation capacity to accelerate the utilisation of SolarCoins to in time further reduce the cost of solar energy through the supplementary value being created.”
Nicholas Gogerty, Founder of SolarCoin Foundation, said, “Awarding coins to solar energy producers such as ACWA Power provides an incentive to continue to invest in solar capacity. We hope to see further adoption of SolarCoin in the region, with the aim of building a strong community and spurring a global market for renewable energy investment.”
ACWA Power will host a workshop led by SolarCoin Foundation during Abu Dhabi Sustainability Week on January 14, 2pm-4pm at the Energy Efficiency Theatre, ADNEC.oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.