The United Nations Development Programme (UNDP) plans to launch an initiative this year, in Moldova, an Eastern European country, to help its largest university get its energy from cryptocurrency-funded solar cells, according to Reuters. Currently, the small country imports about 75% of its energy and has seen the prices increase by over 50% since 2013.
The initiative will be implemented in collaboration with the South African Sun Exchange, a solar power marketplace. According to the plan, people will be able to purchase solar cells with SolarCoin, a token released by blockchain firm ElectriCChain, and lease them to the Technical University of Moldova (TUM), the largest local university by the number of students. Besides, SolarCoin, buyers will be able to pay with Bitcoin or Euro.
TUM’s Building Nr.9, which hosts the Faculty of Architecture and Urban Planning
SolarCoin is a cryptocurrency ranked 449th on CMC, with a market cap of $14.5 million. At the time of writing, the SLR is priced at $0.34. The coin peaked in mid-January at $2.62.
According to Dumitru Vasilescu, a programme manager with UNDP in Moldova, the motivation behind the project is to explore new ways “to help buildings go green overnight.”
Vasilescu told Reuters:
“One of the biggest obstacles to countries investing in renewable energy is a lack of finance, as you often have to wait 10 to 15 years before you get a return on your investment.”
He revealed that, according to the initiative, the TUM would receive 1 megawatt of energy that is to be set this summer. Solar cell owners will have a chance to earn 4% interest paid in SolarCoins as soon as the university starts producing energy.
At the moment, Moldova has over 10,000 m2 of unused rooftop on public buildings, which could be used for similar energy installations.
Vasilescu is confident that crypto-funded renewable energy has the potential to reduce Moldova’s dependence on Russia’s oil, gas and other energy imports.
If UNDP’s project succeeds in Moldova, the programme plans to replicate it in other countries in Eastern Europe and Central Asia, Vasilescu hinted.
Recently, another Moldovan university was in the spotlight during a major cryptocurrency-related event. The Academy of Economic Studies of Moldova (ASEM) hosted the World Blockchain and Cryptocurrency Summit Chisinau (WBCSummit Chisinau) on May 11. During the conference, the Digital & Distributed Technology Moldova Association presented the country’s first crypto exchange and first token.
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