Australian blockchain energy firm Power Ledger and Indian electricity distribution company BSES Rajdhani Power Limited (BRPL) have completed a peer-to-peer (P2P) solar power trading trial in the country.

Power Ledger announced the news in a press release shared with Cointelegraph on Nov. 14, detailing that it carried out a large-scale P2P energy trading trial in the Dwarka region, South West Delhi, which initially comprised 5-6 megawatts (MW) of already existing solar infrastructure serving an array of gated communities.

Monetization of solar energy assets investments

The project enabled residents with rooftop solar infrastructure to sell excess solar energy to neighboring households. The trial aimed to give participants access to cheaper, renewable energy and let solar infrastructure owners monetize their surplus energy.

“BRPL was able to access a cost-effective energy alternative during the times of peak demand pricing leading to increased efficiency and reliability of the power supply,” Power Ledger stated. BRPL CEO Amal Sinha commented on the trial results:

“With the exponential growth in our economy and production, the ability to generate clean energy and utilize it across India without the need for a fully centralized grid is critical. Realizing the importance of distributed generation, we have already built an extensive renewables infrastructure, and this trial with Power Ledger will help us fully utilize that energy.”

Solar power is a fast-growing source of energy in India, as the country has the lowest capital cost per MW to install solar power plants globally. As of September, the country’s solar capacity exceeded 31 gigawatts.

Power Ledger expands its P2P renewable energy trading trials

In recent months, Power Ledger has conducted other blockchain-based energy trading trials in different countries. Earlier in November, the company partnered with a local energy retailer to roll out its technology in South Australia, allowing Australians to pool their excess solar and battery storage to a Virtual Power Plant for greater control and management of their energy.

In early October, Power Ledger revealed its plans to run another blockchain-enabled energy trading trial in Japan’s Kanto region by December 2019. The trial will track surplus solar energy levels and electricity trading, integrating a blockchain-enabled P2P platform with household smart meter systems in the Kanto region.

Recent research from Navigant Research, a Colorado-based market research and consulting firm, showed that energy blockchain applications are expected to see a 67% compound annual growth rate over the next 10 years.