Singapore-based The Reneum Institute, the blockchain-based renewable energy certificate (REC) registry, has distributed its first batch of tokens representing megawatt hours of clean energy (solar and wind) generated.
The Reneum platform is a not-for-profit using the decentralised ledger technology to certify and issue renewable energy certificates to solar, wind and waste-to-energy projects worldwide.
Reneum is responding to strong corporate demand for RECs in developing regions where government mandated domestic markets have not been established. Reneum is designed to help forward-thinking corporations with activities in Asia, the Middle East, Northern Africa and Latin America meet their renewable energy goals.
“This new platform will benefit both renewable energy developers and corporate clean energy buyers by providing the first one-stop-shop for trusted and verified clean energy on a global scale. It helps multinational corporations use their buying power to stimulate new investment into clean energy, driving the energy transition and supporting developers’ stability by providing an additional revenue stream”, said Brianna Welsh from the Reneum Institute.
Reneum’s first round of token issuance occurred on October 3rd, to four solar projects in India, the Philippines and Portugal. 80,180 tokens representing more than 80,000 MWh of clean energy generated were issued in this first batch.
The tokens can be sold to corporate buyers seeking to offset their fossil fuel-based power consumption in markets where they cannot directly source clean energy. Reneum will next be issuing tokens on January 1st, and thereafter quarterly, to all projects registered to the platform and approved for issuance.
About The Reneum Institute:
The Reneum Institute’s digital REC platform leverages the decentralised ledger technology of the blockchain to facilitate REC certification, issuance, and transactions. Reneum issues one token for every MWh of green power generated to clean energy producers free-of-charge, a reliable revenue stream that improves project bankability.
By verifying and recording electricity generation data gathered directly from the meters of renewable energy projects, Reneum ensures the provenance of the energy is validated before it enters the market.
Reneum tokens may then be purchased by a corporate buyer or individual, and retired from circulation directly in the platform to ensure tracking compliance. By serving as a digital marketplace, Reneum unlocks a global market to support the sustainability targets of companies, governments and not-for-profits organisation worldwide.