ACWA Adopts Solar Coin Blockchain Cyrptocurrency

Solar Coin blockchain cryptocurrency

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 blockchain based 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 megawatt-hour of solar energy.

Blockchain is a decentralized network of data that is used as secure transaction ledger database. It records and stores every transaction that occurs in the network, essentially eliminating the need for third party validators such as payment processors.

“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.”

Read more about this story at Arabian Business.

Blockchain Cryptocurrency Latest Evidence of Saudi Solar Commitment

In 2017, Saudi Arabia announced plans to solicit bids for a massive renewable energy push. As part of the Kingdom’s $50 billion program to boost power generation and cut its oil consumption, Saudi Arabia aims to produce 10 percent of its power from renewables by 2023, according to Energy Minister Khalid Al-Falih.

A recent step forward toward moving the Kingdom over to solar power came with the introduction of a regulatory framework for electricity consumers to operate their own small-scale solar power generating systems with unused power exported to the national grid. Consumers will have their excess electricity offset against their future consumption. After a year, they will receive cash payments at a tariff approved by the Electricity and Cogeneration Regulatory Authority.

The rules will come into force July 1, 2018, when the Saudi Electricity Company (SEC) plans to start supplying solar photovoltaic (PV) energy services to customers, and will cover small PV facilities with generating capacity of no more than 2 megawatts.