European renewables asset management platform WPO is to issue digital tokens that it claims will help accelerate uptake of renewable generation.
The public offering of WPO’s GreenTokens will run from 8 September to 12 November 2020.
Investors will be able to use the tokens, which correspond to blockchain-registered certificates, as a payment record for renewable energy transactions.
The digital tokens can also be used for electricity trading, as certificates to provide transparency and traceability in transactions enabling the “energy transition” as well as enable predictive maintenance and automation of insurances and guarantees.
The GreenToken public offering is the first in the sector to obtain approval from the French Financial Market Authority.
WPO provides technical, commercial and financial support for the renewable energy sector, in particular for wind and solar technologies.
The platform oversees energy production equivalent to the entire electricity consumption of the population of Paris.
WPO said blockchain technology is “well-positioned” to be a key driver in the acceleration of the energy transition, due the transparency and traceability of Blockchain transactions, in addition to providing a decentralised network which can “disintermediate complex supply chains”.
Over the past few years, WPO has been using blockchain technology to certify renewable energy production for clients, shifting from the legacy data management system which is highly fragmented and ill-suited to the decentralized and intermittent nature of renewable energy.
WPO managing director Duncan Levie said: “The aim of our public offering is to scale the industry by deploying the GreenToken to all professional players in the energy sector, as well as to individuals.
“This will enable us to build an intelligent and seamless European multi-services platform for the management of energy data based on blockchain and artificial intelligence.
“This will be well-suited to the intermittent and decentralised nature of renewable energy, facilitating the optimization of global energy production.”
From 23 November 2020 15 million GreenTokens will be issued.
From 1 December 2020 the GreenTokens can be freely exchanged on the French Savitar platform or directly within the GreenToken network run by WPO.