GCL Energy Technology and Ant Digital Technologies have raised CNY200 million ($27.4 million) by tokenizing solar energy in an effort to pioneer blockchain-based financing in renewable energy.
GCL Energy Technology, in partnership with Ant Digital Technologies, has launched China’s first blockchain-based real world asset (RWA) issuance in the PV sector, raising CNY 200 million in cross-border financing.
The companies said the initiative, announced on December 23, aims to set a new standard for green finance by combining blockchain technology with renewable energy sources.
The project has tokenized two solar power plants in China’s Hunan and Hubei provinces, with a combined capacity of 82 MW. This marks the first example of blockchain-based asset tokenization in China’s solar industry.
The financing, secured through global investors, provides GCL Energy with capital to fuel its growth while creating a new model for other photovoltaic companies looking to finance sustainable energy projects.
GCL Energy Technology, a subsidiary of GCL (Group) Holdings, operated 5.9 GW of renewable energy capacity as of September 2024, representing 57.81% of the total energy portfolio. It says residential PV installations under the GCL SUN brand now exceed 1,100 MW in more than 36,500 households.
The RWA issuance includes advanced digital tools, using artificial intelligence, blockchain and Internet of Things technologies to digitize operational and revenue data for approximately 3,000 residential PV systems. Using a dual-chain and one-bridge blockchain architecture, GCL ensures transparency and data security for investors.
GCL and Ant Digital have also expanded their strategic alliance with an agreement to broaden efforts in asset acquisition, construction and securitization of new energy projects. This includes commercial, industrial and residential PV installations. The companies said they will develop AI-driven solutions for renewable energy management, including generation forecasting and intelligent operations.
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