Japan's Marubeni backs blockchain crowd-sourcing platform for solar, wind farms [Reuters]
MARUBENI CORP UNSP/ADR (MARUY)
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Source: Reuters
Japan's Marubeni backs blockchain crowd-sourcing platform for solar, wind farms - Reuters 2 Min Read MELBOURNE (Reuters) - Japan’s Marubeni Corp ( 8002.T ) has agreed to back a blockchain power purchasing platform, WePower, that is looking to establish itself in Australia to tap rapid growth in solar and wind power, the two firms said on Tuesday. The Japanese trading house has issued an unspecified loan to Lithuania-based WePower, convertible into shares. A Marubeni spokeswoman in Tokyo told Reuters that the size of the stake Marubeni will end up with after converting the loan has not been determined. WePower has designed a blockchain platform that it says makes it easy for small- and medium-sized businesses to buy power from wind and solar project developers, offering standardized, digital power purchase agreements to help underwrite new projects. Typically, power purchase agreements (PPAs) are negotiated one-to-one between a developer and an industrial buyer. But negotiations are
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