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Japan’s Marubeni backs blockchain crowd-sourcing platform for the solar energy, wind energy

FILE PHOTO: The logo of Marubeni Corp is seen at the company headquarters in Tokyo, Japan, May 10, 2016. (REUTERS photo/Toru Hanai/File Photo

MELBOURNE (Reuters) – Japan’s Marubeni Corp (8002.(T) it was agreed to have a blockchain of power purchasing platform, WePower, which is looking to establish itself in Australia, in order to have a rapid growth in the field of solar and wind energy, the two companies said on Tuesday.

The Japanese trading house has been issued, and a specified loan to Lithuania, which is based WePower, convertible into equity shares. A Marubeni spokeswoman in Tokyo told Reuters that the size of the bet, Marubeni is the end of it, after the conversion of the loan has not yet been determined.

WePower has been designed as a blockchain platform that it says will make it easy for small – and medium-sized companies to purchase power from wind and solar energy project developers, and the provision of industry-standard, digital-power purchase agreements (slas) to help underwrite new projects.

Typically, the power purchase agreements (PPAs) to be negotiated in a one-on-one between a developer and an industrial buyer. However, the negotiations are generally long and complex, requiring the agreement’s obligations for at least five to 10 years.

Australia has already been carried out by large consumers to commit to the supply of power from the new projects. But it’s in the tens of billions of dollars worth of power generation projects are on the drawing board, projects that are required in order to convert it to smaller commercial and industrial enterprises in the line-up PPAs for a project.

WePower offers you a standard contract, the deadlines, and flexibility to the buyers in order to sell it to take on contracts when they are no longer in control. The company has raised $40 million in a single day in February of 2018 in an initial coin offer.

“It’s only a couple of points, then, by means of the platform, it’s the price,” said WePower chairman of the board and co-founder, Nikolai Martynuik said in a statement. “It takes a lot of the complexity out.”

Reporting by Sonali Paul; Additional reporting by Aaron Sheldrick in TOKYO; Editing by Kenneth Maxwell

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