From now on, individuals can acquire digital tokens to own a share of Enel Group’s solar farms, benefiting from solar energy production without installing panels on their own property.
Enel Group, a leading Italian green energy company, has partnered with crypto wallet provider Conio to provide customers with access to fractional ownership of its solar panels through tokenization on the Algorand blockchain.
Instead of physically installing solar panels on their roof, Italian residents can now reap the benefits of solar energy by simply investing in a linked digital token. Thanks to the collaboration with crypto players, Enel’s solar panels will be divided into fractional digital tokens on the Algorand blockchain. When individuals purchase such tokens, they obtain a portion of the top utility company’s solar panel.
The total energy produced by Enel’s collectively owned panels is then calculated, divided corresponding to each token holder’s share and used to offset the electricity consumption of the token holders’ residential properties regardless of their living situation. The generated energy will be credited directly towards the partial owners’ electricity bills, significantly reducing their energy costs. Besides, the energy provider oversees all the operations and maintenance of the solar panels, ensuring optimal energy production.
This innovative asset tokenization approach greatly facilitates public access to green energy, eliminating the painstaking processes of solar panel installment and maintenance. Besides, it is a noteworthy illustration of the practical utility of blockchain technology in digitization of the real-world asset ownership and its power to make investments more accessible and efficient.
Enel Group and Conio selected the Algorand blockchain for their solar panel tokenization initiative due to several key advantages, including high transaction speed, rapid confirmations, scalability, data integrity and robust security mechanisms, cost-efficiency, and intuitive user interface.
The Enel Group is one of the world’s leading multinational energy companies and a major player in the global electricity and gas sectors. The firm is based in Italy and has operations in over 30 countries across five continents, serving over 70 million customers worldwide.
