$5m of SolarCoin for Major Solar Farm Operator
#SolarCoin acheived a significant milestone yesterday as AWCA Power - a large scale solar developer based in Saudi - signed up to receive an estimated $5m of the digital currency, based AWCA's solar generation. SolarCoin's price rose accordingly, rising 25%.
This new participant in the SolarCoin network is significant as it brings a substantial - and wealthy - community into the SolarCoin orbit - with all the credibility, networking and peer-introductions that this brings in its wake.
The SolarCoin Foundation (SCF) announced that AWCA Power intend to sign up 2GW of solar production, earning more than 2 million SolarCoins each year. SolarCoins are currently trading at around $2.5 per coin.
AWCA owns more than 700MW of Solar PV across the Middle East, including the 260MW Shuaa Solar Farm in Dubai.
AWCA's Shuaa PV plant in Dubai has an annual yield of 400,000 SolarCoins - worth $1m a year
AWCA also own a further 1.3GW of Concentrated Solar Power plants which appear to be eligilbe for SolarCoins.
The AWCA's issue will be the SCF's largest to date. In 2017 the foundation issued 2.8 million SolarCoins; AWCA's haul will add another 2 million, adding 5% to the total amount of SolarCoins currently in circulation.
The rate at which SolarCoins are issued is rising - in December the SolarCoin Foundation issued it's largest bursary to solar generators around the world - 1.2 million coins. This reflects the increasing popularity of owners of solar assets to sign up to the cryptocurrency scheme.
Meanwhile the price of SolarCoin has similarly increased, the two factors illustrating co-founder Nick Gogherty's Theory of Network Value when assessing how much a crypto is worth.
I think this is really a weakness of the program, the bigger get richer, like in the real life !
Very true. A major solar farm operator will get millions. Another reason why renewables should be community-owned, then at least everyone gets a slice of the pie.
I agree
Yes this is great news indeed, it should encourage even more players in the solar industry to join the SolarCoin ecosystem.
Yes, peer onboarding has been a key factor for the solar industry. I was out onside today talking to an installer who told me that many of their customers have solar because their neighbours do etc...
Huuuuge!!!
ACWA bigger, I think, than any UK solar group like Octopus or Next Energy. Actually probably bigger than all of UK solar put together...
I am trying to figure out how to get a foot in the door with my local utility. They are one of the largest producers on the planet, apparently. Largest in New Jersey, which is the second largest producing state in US. But how does a regular guy like me get a boss at a billion dollar utility to take me seriously when I say, "You can get a million dollars, like, tomorrow."
Great news to hear not only has the coin gone up but this will attract more people to install solar. The price should go up more in the next few days.
Hey @dwolfe I noticed your profile pic. I am from South Jersey. I'm following you now as it seems like a good idea to build a local steem community.
Didnt know about this coin at all! I am about to go do some research and find out what its about. I love these coins that have value based on a working business model. Its things like SCF that will expose industry and production to blockchain.
Worth keeping an eye on -- pretty regular performance, steady price updrift, good method to onboard people to network, working within an already-existing real world consitutency (solar producers).
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