ImpactPPA announces today their newest renewable energy power generation project for one of Jamaica’s largest law firms, Myers, Fletcher & Gordon (MFG). The project will be managed on ImpactPPA’s blockchain financing platform, bringing together an innovative form of energy generation and energy financing.
Since 2014 the firm’s Kingston, Jamaica headquarters have utilized PowerMill™ units, built by Windstream Technologies, that combine solar panels and wind turbines to generate 230 kWh/day of renewable energy. At the time of its installation, the project was the world’s largest of its kind. Now, ImpactPPA and MFG will modify and exponentially expand the existing rooftop system to boost that output to greater than 2780 kWh/day.
ImpactPPA uses blockchain tokens to fund and manage SmartPPAs (Power Purchase Agreements) for distributed renewable energy generation projects around the world. ImpactPPA will install MFG’s project and manage its lifetime upkeep. In return, MFG will pay a tariff per kilowatt hour, utilizing ImpactPPA’s GEN credit, a pay-as-you-go blockchain token model. Utilizing embedded Smart Contracts, blockchain technology is ideal for handling energy financing and management because of its immutability, security, and automation potential—traits that render it efficient and safe for handling up-front investment as well as tracking day-to-day payments.
According to Dan Bates, CEO of ImpactPPA, “Blockchain opens up channels for rapid, secure financing that traditional energy funding models have left unexplored. Access to energy can save lives and improve quality of life for communities across the globe, and blockchain solutions allow that energy to come from plentiful, sustainable sources such as wind, solar, and geothermal. We see these early projects for ImpactPPA as a springboard into financing more and more renewable energy systems in rural and energy-impoverished areas worldwide.”
The MFG/ImpactPPA project will be a transformative technology, not just in terms of demonstrating that off-the-grid renewable power generation provides sufficient electricity, but that it can be made affordable. MFG will be able to reduce their dependence on expensive fossil fuels by 80 to 90 percent, well on the way to the firm’s goal of complete off-the-grid electricity generation. The project is projected to bring $7,593,016.54 in revenue for ImpactPPA over its lifetime.
“Jamaica is the ideal place to build a renewable energy power system,” says Donovan Cunningham, Director of Finance and Administraction of MFG. “We have the natural resources and a population that is ready to benefit from cleaner and more affordable electricity. This will be the Caribbean’s flagship installation demonstrating our financing partnership with ImpactPPA, which is going to show other nations how a system can be built. We at Myers, Fletcher & Gordon see this as a big step forward for the region to shift to renewables and reduce our dependence on expensive fossil fuel imports, opening us up to the many economic and social benefits that alternative energy sources provide.”