NZ solar plant transacted using Bitcoin

bitcoin

Kea Energy has begun construction of the largest utility solar plant in New Zealand, with the 2.5MW plant situated in Marlborough. Interestingly, the large-scale solar plant has partly been purchased using the cryptocurrency Bitcoin.

The region is known for its exceptional Sauvignon Blanc wine, and world famous Queen Charlotte hiking track. The sunny climate will also benefit the large-scale solar plant, which is set to produce an estimated 4500MWh’s per year of electricity generated–enough to power around 550 typical NZ households annually.

A partnership between solar panel manufacturer Yingli Solar and installation company Kea Energy enabled the companies to explore diversified transaction models that are secure and efficient using blockchain technology. This unique approach to solar system financing reduces upfront barriers to new large-scale solar projects while decreasing reliance on fossil fuels.

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“Economic savings for solar systems are highly predictable and proven by the financial modelling,” Yingli Solar Australia managing director Tim Fengsaid.

“New Zealand has 80 per cent of its electricity supplied by clean energy. However, we will need to work closely with our partners to achieve the government’s target of 90 per cent of electricity to be sourced from renewables by 2025.”

Yingli Solar, a world leading manufacturer of solar panels with 24GW’s of solar panels shipped globally, were chosen by Kea Energy due to their exceptional product quality, proven performance and reliability, as well as advantage accepting Bitcoin.

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Yingli’s 405 watt Panda N-Type framed double-glass bifacial solar panels have a unique ability to generate power from the front and back sides of the panel. Utilising high-efficiency TOPCON cell technology, they capture a broad spectrum of direct and diffuse sunlight. Yingli’s 30-year solar panel performance warranty assures long-term project dependability.

“We are proud to be the first company in New Zealand to install a multi-MW solar farm,” said Campbell McMath of Kea Energy.

“Our team will be executing the entire project including design, financial procurement, and installation as well as managing the grid connection process. It’s good to work with a company as innovative as Yingli Solar who is willing to look at payment transactions such as Bitcoin.”

The clean energy generated at the site will be sold to the local electricity market.