Brazil builds first solar power plant with digital currencies

RIO DE JANEIRO, BRAZIL – Brazil gets the first photovoltaic power plant financed with funds from digital currencies. The complex will be built in Itaobim, in the Jequitinhonha Valley (MG). Other plants are planned in Bahia and Rio de Janeiro, two important centers for renewable energy generation in the country.

The use of cryptocurrencies, representing a renewable generation, is seen as a trend that should intensify every day.

The more you buy the currency, the higher its value becomes, providing a natural incentive for decarbonization, global warming mitigation, and clean energy production in Brazil and around the world.

The project is audacious, being a large-scale solar energy complex that will convert sunlight into alternating current and then be transmitted, in the form of electricity, to the grid of the National Interconnected System (SIN).

The photovoltaic plant will be installed in an isolated area; its energy will be sent to the urban centers using transmission lines. The forecast is that each pole, authorized by the competent agencies, will work with one megawatt of power.

Since each home in Minas Gerais consumes an average of 121.6 kW/month, the Itaobim plant will be able to supply at least 10,000 homes, just like the ones in Rio de Janeiro and Bahia.

According to Marcos Silva, the first Brazilian photovoltaic plant with cryptocurrency resources will be delivered in December 2022, when it will have, among other things, a social component with the transfer of proceeds to pay the electricity bills of charities that are EnergyPay partners.

According to information from the National Electric Energy Agency (Aneel), Brazil has 4,357 photovoltaic plants in operation with a capacity of approximately 3.84 GW. They are located in the states of Piauí, Minas Gerais, and Bahia.

The modality will work like this: The cost of the works will be divided into several parts, and for each of these parts, there will be buyers of tokens.

Then, each plant will be made up of four stages:

1st) Transaction fee: at this stage, a portion of the percentage will go to the enterprise;

2nd) Tokenization: interested parties will buy the fractions of the solar plants, according to their interests;

3rd) Private buyers: groups will receive differentiated proposals to make the works feasible;

4th) Reinvestment on production: leverage for the development of the plant until the construction goal of 15 MW is reached.

In the opinion of Marcos Silva, CEO of EnergyPay, the purpose of the fintech is to leave a legacy in the country and show that Brazil, besides being a powerhouse in the solar energy segment, is an exporter of innovations.

“The market’s interest in sustainable assets is an irreversible predisposition. There is no going back to the past: every day, the environmental concern will become the protagonist of the production process for effective management.

Including ESG practices are becoming a legitimate factor of competitiveness for companies, and many are already adopting these behaviors.

With information from Agrolink

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