Sun Exchange, a South African solar power marketplace is launching an initiative with the United Nations Development Programme (UNDP). The initiative is born out of the effort to power Moldova, a small country in eastern Europe which imports almost more than half of its energy and the price has been rising steadily for the past five years.
The UNDP plans to launch the initiative to power a Moldovan university with cryptocurrency-funded solar energy sometime this year. Sun Exchange will allow people buy solar cells using SolarCoin, which is ElectriCChain’s cryptocurrency. The purchase of solar cells can then be leased to one of the largest universities in the country, the Technical University of Moldova.
Dumitru Vasilescu, a program manager with UNDP explains the idea behind the initiative which involved sourcing for finance to “help buildings go green overnight.” Moldova, one of Europe’s poorest countries faces energy challenge which Dumitru explains, “One of the biggest obstacles to countries investing in renewable energy challenge is a lack of finance, as you often have to wait 10 to 15 years before you get a return on your investment.”
Owners of the solar cells will receive SolarCoins as soon as the university produces energy, which will earn them an interest of about 4 percent on their investment. While thanks to crowdfunding effort, the university will get a full 1 megawatt of energy installed in the summer.
Moldova possesses the potential for the adoption of cryptocurrency-funded renewable energy which would drastically reduce dependency on energy imports from Russia. The success of the Moldovan solar currency pilot will be replicated by the UNDP in neighboring countries.
What do you think about the cryptocurrency-funded renewable energy initiative? Share your opinion with us in the comments section below.
Image source: iveron-service
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