ABC ABC News Breaking Breaking News Breaking News. Politics Brekaing News

Global Grid launches blockchain technology for solar in Mexico

The digital platform is intended to help developers of large photovoltaic plants to raise capital without having to resort to banks or traditional investors.

The Global Grid digital platform, created by the Mexican company Luz Blockchain SAPI de CV and its U.S. subsidiary Global Grid North America LLC, wants to help developers of large photovoltaic projects in Mexico to raise capital by making a pre-sale of rights over the generated energy generated using smart contracts and a system of “tokens” based on a blockchain technology protocol.

According to information provided by Global Grid to pv magazine, the company, which is active worldwide, is initially focusing on Latin American markets, and in particular in the Mexican market, where it is collaborating with local developer Prenergy, an infrastructure and energy holding company with a series of projects related to sustainable energy including natural gas, solar and geothermal energy in Mexico. The cooperation also relates to the construction of the 100 MW San Marcos photovoltaic power plant (AC) in Guadalajara, in the state of Jalisco, a project which includes the installation of a storage system with a capacity of 129 MWh. The total investment planned for the realization of the facility is approximately $ 100 million.

The project was conceived for the sale of energy to the wholesale electricity market in Mexico, the MEM. “The projects that we intend to fund will avoid the bottleneck that is represented by securing a PPA and will inject the energy to the MEM. We can provide the necessary liquidity, taking advantage of the fact that the price of energy in difficult nodes in Mexico is above $50 / MWh which, compared to the average price of the latest auction, which was approximately $25 USD / MWh, can be very advantageous,” one of the platform’s co-founders, Moisés Rosado told pv magazine. “In addition, we are talking with qualified suppliers to collaborate with them in medium-term contracts,” he added.

The state of Jalisco is one of the regions of the country where electricity rates are higher. The average price of energy in the Guadalajara area was around $ 51.7 / MWh in 2016, while in 2017 it reached about $ 68.7 / MWh.

Global Grid is also part of the Climate Chain Coalition, a global blockchain and energy organization that is helping to set new standards throughout the industry.

LEAVE A COMMENT