Corporates can now buy renewable energy using blockchain tech

blockchain, cec solar farm, CEFC, renewables

In an Australian first, corporates will be able to purchase verified renewable energy directly through an online marketplace using blockchain technology.

From today, corporates will have the opportunity to buy renewable power from the new 9.4MW Suntech Mojo solar energy project, in Robinvale Victoria, via a secondary marketplace facilitated by blockchain technology.    

Traditionally, direct power purchase agreements (PPAs) are only accessible to large customers purchasing over 10MW or $2 million of energy, locking some companies out of the market.

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Using green energy technology company WePower’s contract architecture, PPAs tokenisation and trading platform technologies, retailer Mojo Power will open a secondary marketplace for power from the Suntech Mojo solar energy project.

Mojo Power CEO Warren Murphy said by purchasing power through this platform and avoiding traditional retail energy plans, companies will be able to save up to 30 per cent on their power bills.

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“Companies will know with certainty where their electricity came from and how it was generated,” he said.

“Increasingly, employees want corporates to lead on sustainability issues, including energy.”

WePower CEO Nikolaj Martyniuk said the project going live was a milestone on the road to energy democracy in Australia.

“Energy customers in Australia can now receive an unprecedented level of transparency, access and insight by purchasing energy through our platform,” he said.