ACWA Power incorporates SolarCoin

Developer, owner and operator of Power Generation and Water Desalination Plants,  ACWA Power declared to adopt SolarCoin, the reward program for solar electricity generation therefore paving way for utility –scale generator joining the SolarCoin ecosystem.

SolarCoin is a blockchain-based digital asset and currency designed to accelerate the transition to clean energy technology. The energy-referenced crypto currency aims to incentivize global solar energy production by disbursing digital coins to verifiably produced solar energy, rewarding energy producers with digital tokens at the rate of 1 SolarCoin (SLR) per 1 MWh of solar energy produced. SolarCoin will enable ACWA Power to resort to more sustainable means of development  is decentralized and comparable to Bitcoin linking the disbursement of digital coins to solar energy produced impacting environmental sustainability. SolarCoin utilizes an ultra-low carbon blockchain technology termed as proof of stake time.

Paddy Padmanathan, President and CEO of ACWA Power said, “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. Now through SolarCoin, we are able to utilize blockchain technology in one way to create value to renewable energy generation. 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.”

Image Source: ACWA Power