Enel Group, an Italian green energy company, has teamed up with cryptocurrency wallet provider Conio to enable fractional ownership of solar panels through tokenization on the Algorand blockchain. On January 21, Algorand Foundation CMO Mark VANLERBERGE announced a partnership between Conio and Enel Group that will launch a solar panel tokenization product in Italy.
The tokenized product will allow Italians to own a portion of Enel’s solar power plants and use the electricity generated to offset their residential electricity consumption. Enel will manage all solar panels on behalf of the fractional owners and regulate the actual energy production to pay their electricity bills.
Algorand Foundation CEO Staci WARDEN noted that the ability to offset electricity consumption with tokenized real assets (RWAs) is “not tied to where you live.” As Warden explained, you can live in a high-rise building and offset that with partial ownership of a solar panel in a field.
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