I want to see the time when I as an individual can directly support a clean energy installation and know exactly how the funds and the asset are performing, as well as what impact I created.
Crowdfund for Solar is an initial proof of concept leveraging DeFi (Decentralized finance) to accelerate clean and affordable energy access for all. In May, Energy Web (a nonprofit bringing decentralized software to energy transition) with ENGIE Energy Access (a leading provider of solar and mini-grid solutions in Africa) launched this proof of concept to provide low-cost finance for the deployment of solar home systems (SHS) to communities across Africa.
Crowdfund for Solar, built using Energy Web's open-source software stack, allowed participants to loan their cryptofunds in exchange for a fixed return. The crowdfunding targeted $100,000, which was successfully achieved within just 7 hours after its launch. Investing the money raised the cryptofunds, ENGIE Energy Access will deploy its high-quality and expandable SHS to countries in need, such as Rwanda and Zambia, due to their low electrification rate.
What are you going to present at Vivatech?
We will showcase a test demonstration of how one's cryptofunds can be transparently and securely collected for new solar installations. We will also show what blockchain looks like and how one can verify the audit trail of the funds.
We will also show one of ENGIE Energy Access’ solar solutions, the entry-level NEO kit, which is one of the products that will be deployed to communities in need in Africa.”
EEA's NEO kit
How is it innovative?
This new platform is an exciting way to harness the power of decentralized finance to create a crucial impact in the world. With this platform, anyone can directly support new solar installations. Support can be as low as $1 per person with very low transaction costs. Thanks to cryptography and automation, anyone can be sure how their funds are collected and how rewards are provided.
What do you expect from this participation?
We want to increase awareness of the public about the issue of energy access and low-cost finance, as well as the application of blockchain and decentralized finance. We also want to clarify major misconceptions and myths around cryptocurrency. And finally, we want to hear people's feedback and reactions (e.g., risks to consider, partners to approach, new functionalities) to what we are doing.
For you, the future will be ...
The future will be decentralized and transparent. I want to see the time when I as an individual can directly support a clean energy installation and know exactly how the funds and the asset are performing, as well as what impact I created.
Sign up for the ENGIE Innovation Newsletter