Singapore Firm Launches Blockchain-Powered Solar Energy Marketplace

The SP Group, a major company offering electricity and gas in Singapore, has launched a blockchain-based renewable energy certificate (REC) market. The platform was presented this week at the ASEAN Energy Business Forum in Singapore. The press release states that the SP Group plans to use Blockchain to help the company become more transparent and efficient. The company’s Chief Digital Officer Samuel Tan elaborated on the initiative.

“Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets.”

The marketplace will aid both domestic and international RECs — the documents that will act as proof that a certain amount of electrical energy has been generated by solar batteries. The first contracts have been inked with global real estate developer CDL and multinational bank DBS.

Three solar energy sellers — Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore — are also associating with the marketplace. Singapore isn’t new to blockchain-powered energy solutions. In early october, plans for a decentralized peer-to-peer electricity network backed by SkyLedger were announced. The platform permits citizens to generate and trade renewable energy.

Decentralized platforms are widely used to support the production and trading of solar energy. In February, the US state of New York formed the Microgrid project for households that want to buy and sell electricity from solar collectors. And in September, Australian real estate giant Vicinity announced it will test a blockchain solution to provide renewable energy to a shopping mall as part of its $ 75 million solar energy program.