(Ecofin Agency) - Saudi ACWA Power announced it has adopted SolarCoin, the blockchain-based digital currency. The firm thus becomes the first of its kind to joint this ecosystem.

ACWA Power will now receive 1 SolarCoin for every 1 MW of solar it produces. “We are always looking for ways to adopt new technologies to add value and reduce cost in all that we do. Blockchain technology in our view offers a yet untapped opportunity for the power generation sector,” said Paddy Padmanathan, ECWA’s CEO.

This cryptocurrency aims to promote solar power development by increasing the financial capacity of companies that are effectively to produce this kind of energy. According to its creators, the currency uses a low-carbon blockchain technology named Proof of stake that consumes less power than other known technologies.

Nicholas Gogerty, founder of SolarCoin Foundation, said: “Awarding coins to solar energy producers such as ACWA Power provides an incentive to continue to invest in solar capacity. We hope to see further adoption of SolarCoin in the region, with the aim of building a strong community and spurring a global market for renewable energy investment.”

Gwladys Johnson Akinocho