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Powering Africa's Future: Engie's Crypto Initiative Fuels Off-Grid Solar Solutions

Updated: Oct 18, 2023

By Jaya Bijoor

In 2022, the French energy company Engie launched its first crypto initiative in Africa to accelerate the use of off-grid solar solutions in Sub-Saharan countries. Engie partnered with the Swiss nonprofit Energy Web, provider of the Energy Web Token (EWT) cryptocurrency, to create a decentralized crowdfunding platform where investors who deposit specific tokens for twelve months will receive a fixed 10 percent interest rate. In six days, the platform reached its

investment target of 20,000 EWT despite an initial pilot period set at two weeks. The $100,000 worth of EWT has been transferred to Engie Energy Access, Engie’s subsidiary for off-grid solar solutions in Africa, by the Energy Web Foundation, where it will finance mini-grid solar systems in three targeted countries in Africa: Rwanda, Zambia, and Côte d’Ivoire. Customer payments under a pay-as-you-go (PAYGO) model, which starts at $0.19 per day for a basic mini-grid solar installment, will be recouped to pay the investors their fixed interest.

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