World’s first blockchain-powered REC marketplace

SP Group launched the world’s first blockchain-powered renewable energy certificate (REC) marketplace .

SP’s blockchain marketplace enables the trading of REC – for renewable energy producers to sell, and for consumers wishing to use green energy to purchase. The unique attributes of blockchain technology will ensure the security, integrity and traceability of each REC transaction.

The marketplace strengthens cross-border sustainability efforts by allowing buyers and sellers from anywhere in the world to transact easily. There is no minimum size for each transaction so more sellers and buyers, no matter how big or small, can participate in this green movement.

SP announced that local organisations such as CDL and DBS, who are keen drivers of sustainable solutions, have signed on as REC buyers.

Solar developers such as Cleantech Solar Asia and LYS Energy Solutions, with local and regional solar assets, have signed a collaboration with SP to place their solar assets on the marketplace for sale. Katoen Natie Singapore, a global chemical logistics company that owns Singapore’s largest single unit rooftop solar facility at a warehouse, has also come onboard as an REC seller.

Watch what our Group CEO, Mr Wong Kim Yin had to say about the marketplace when he spoke to CNBC.

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