Today Energy Web and ENGIE Energy Access announced a new program to use Decentralized Finance (DeFi) to help provide crowdfunded loans for solar installations in Africa.
French-owned ENGIE Energy Access is one of the largest Pay-As-You-Go (PAYG) solar and mini-grid solutions providers in Africa. Meanwhile, in 2019, sub-Saharan Africa accounted for 578 million people without access to electricity, which represents 75% of those lacking electricity around the globe.
Energy Web will develop a system enabling micro-investors to stake cryptocurrency – Energy Web Tokens – which fund the installations. These investors will earn a fixed percentage return on the money staked. Because it might initially be a bit risky, the Energy Web ‘Community Fund’ will back this first phase of the platform. We’ve inquired about any potential regulatory issues.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
