ENGIE, Energy Web Access to electrify sub-Saharan Africa with DeFi

ENGIE Energy Access and Energy Web have signed a partnership agreement aiming to electrify sub-Saharan Africa with green solar energy. The team plans to create what it calls a decentralized financing crowdfunding (DeFi) platform that will allow investors to provide microloans that will support the deployment of renewable energy, according to a press release dated June 17, 2021.

Bringing clean energy to Africa with DeFi

According to research results by the International Energy Agency (IEA), in 2019, it is estimated that 580 million people living in sub-Saharan Africa are without any form of electricity, which represents three quarters of the world’s population without electricity .

From now on, ENGIE and Energy Web are aim tackle the problem of electricity shortage in Africa through decentralized financing, provide residents of the region with an abundance of clean energy in the form of solar home systems (SHS) and green energy mini-grids .

To begin with, the team announced that it will integrate the Energy Web software technology stack into ENGIE’s platform, before launching the crowdfunding platform that will allow investors to stake their Energy Web Tokens. (EWT), the native altcoin of Energy Web Chain, for the deployment of solar energy infrastructure in homes in the region.

Accelerate the deployment of renewable energies

Stefan Zelazny, Head of Software and IT at ENGIE Energy Access, who previously held the position of CIO at ENGIE Mobisol, said:

“We believe this can accelerate the deployment of much-needed clean energy across the region by connecting impact-driven investors with rural unbanked customers. Combining the technology that connects and remotely controls our home solar systems with the web-based energy chain will result in the first intelligent asset-backed NFT where asset usage can be monitored through the chain.

The initiative aims to provide a win-win scenario for all parties: EWT participants will benefit from a fixed interest rate on their staked tokens, ENGIE and Energie Web will have access to capital from global crypto markets for deploy clean energy, while residents will enjoy cheap renewable electricity.

Like any other profitable venture, the team made it clear that the project is not without its risks. However, the Energy Web Community Fund will support the first phase of the project, in order to mitigate the risks for all parties.

In the second phase of the project, the team indicates that it would give a unique decentralized identifier (DID) to each of the houses with its solar installations, in order to facilitate the addition of credits directly to users’ solar devices.

In related news, BTCManager informed earlier in March 2021, this Volkswagen automaker is now using Energy Web’s blockchain solution for renewable energy storage.

At the time of going to press, the price of EWT hovers around $ 7.29, with a market cap of $ 218.89 million, as seen on CoinMarkeCap.

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