REDEX is pleased to announce that it has signed a groundbreaking agreement with Ant Group to collaborate and advance the decarbonisation of energy with a focus on distributed solar.
Distributed solar refers to the generation and supply of electricity from decentralised sources and in particular, electricity produced from residential rooftop solar power systems or solar photovoltaic (PV) systems. Globally, distributed solar is a huge untapped market for renewable energy certificates (RECs) supply as small asset owners are deterred by the relatively high resources needed to register their assets for REC issuance.
As of 2023, China has some 5 million residential rooftops installed with solar PVs, accounting for around 100 GW of capacity. This is set to grow as new distributed solar is forecasted to reach more than 300 GW (100 GW residential and 200 GW commercial) between 2022 and 2027.
Under the terms of the agreement, REDEX will get access to Ant Group’s B2B network of large solar installers and independent power producers, and Alipay’s massive customer base of residential solar owners. This provides REDEX with the opportunity to introduce REConnect – our mobile app that offers a simplified DIY registration process for solar PV owners to onboard their assets for RECs issuance – to the world’s largest renewable energy market. The game-changing development positions REDEX to turn on the supply spigot of solar RECs in a significant way as we intensify our footprint in China.
Watch this space for more updates in 2024 as REDEX expands into new markets and accelerates the global transition to net zero!
