European renewables asset manager WPO is to issue renewable energy production certificates ‘blockchained’ to projects supervised by the company.
WPO said the certificates ensure the “secure and irrefutable traceability of the production of energy from renewable sources”.
The company added that its long-term aim is to make the certificates a “new international reference” to encourage clean power generation.
It said tokenising the production of green energy will promote its adoption and boost investment in renewable energy.
WPO will use “utility tokens” that are the subject to an initial coin offering (ICO), which will be launched on 14 June, as the tool to access its certified products and services.
An ICO is a new way to raise funds by selling units of so-called cryptocurrencies or crypto-tokens.
WPO intends to issue 1 billion tokens as part of the offering until 14 July.
WPO chief executive Barthelemy Rouer said: “Many ICO projects, whether in the energy sector or not, are blockchaining virtual ideas and concepts in parallel to their traditional activities.
“Our ambition goes well beyond that. For us, it is about becoming a standard in the world of energy thanks to a brand new business model based on the blockchain.
“Not only will it be good for our business, but it will also bring great benefits to our customers, to our industry and to society in general. In other words, our ambition is to renew the renewables business.”
Image: Pixabay
WPO to ‘blockchain’ clean power
By EBS