SP Group (SP) launched one of the world’s first blockchain-powered renewable energy certificate (REC) marketplace on Monday, October 29.
In conjunction with the launch held at ASEAN Energy Business Forum (AEBF), screenshots of the first purchases by buyers – City Developments (CDL) and DBS Bank (DBS) – were shown.
The platform was designed and built in-house by SP’s team of digital energy experts. It will enable local and international organisations – regardless of size, business or location in the world – to trade in RECs.
Currently only available to businesses, the marketplace will be extended to households by mid-2019.
The unique attributes of blockchain technology will ensure the security, integrity and traceability of each REC transaction, SP said in a press statement. This will drive the greater integration of renewable energy sources on the electricity grid.
“Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets," said SP’s Chief Digital Officer, Samuel Tan.
Solar developers with local and regional solar assets, such as Cleantech Solar Asia and LYS Energy Solutions, have signed a collaboration with SP to place their solar assets on the marketplace for sale of RECs. Katoen Natie Singapore, a global chemical logistics company who will be launching Singapore’s largest single unit rooftop solar facility at a warehouse, has also come onboard as a REC seller.
When companies purchase RECs, they are consuming electricity from renewable sources, sold to them by other companies that produce green energy.
With SP’s blockchain-powered marketplace, buyers are automatically matched with sellers, around the globe, according to their preferences. This helps big and small organisations to achieve their green targets and strengthens cross-border sustainability efforts with SP’s international reach. It also contributes to Singapore’s low carbon targets, as part of its Paris COP-21 agreement.