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Singapore: Major Utility Company Launches Blockchain-Based Solar Energy Marketplace

SP Group, a major corporation providing electricity and gas transmission in Singapore, has launched a blockchain-powered renewable energy certificate (REC) marketplace, the company reveals in a press release Monday, Oct. 29.

The marketplace will support both local and international RECs — the documents that serve as proof that a particular amount of electrical energy has been produced by solar batteries. The first contracts have already been signed with global real estate developer CDL and multinational banking corporation DBS Bank. Three solar energy sellers — Cleantech Solar Asia, LYS Energy Solutions and Katoen Natie Singapore — are also joining the marketplace.

Singapore is not new to blockchain-powered energy solutions. As Cointelegraph reported in early October, plans for a decentralized peer-to-peer electricity network powered by SkyLedger were announced. The platform will reportedly allow citizens to produce and trade renewable energy.

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