Real-world asset tokenization firm Plume Network said Wednesday that thanks to a new partnership it has made, $100 million worth of solar assets available to users who want to earn yield.
"This means that users can deposit their crypto assets, such as stablecoins or other assets, into a solar token and then beginning earning yields on solar assets," Plume Network CEO Chris Yin told The Block.
Wednesday's announcement follows Plume Network saying last month that it plans to have about $1.25 billion of real-world assets tokenized by the fourth quarter. Besides solar assets, Plume Network is also aiming to tokenize mineral rights and Medicaid claims. In May, Plume Network raised $10 million in a seed funding round led by Haun Ventures.
Plume Network is opening up the opportunity for users to earn a yield on the $100 million worth of solar assets thanks to a partnership with Projective Finance, the company said in a statement.
"By leveraging Plume’s composable RWAfi infrastructure, users on Plume can access ... yield-bearing solar assets, while lenders on Projective will benefit from blockchain-enabled efficiencies, composability, and increased liquidity," the statement said.
Projective Finance is tokenizing "commercial solar construction loans and leverage for post-construction operating assets" that will service developments in public school districts, Plume Network said. "These developments have 100% contracted revenues ... and predictable costs," it added.
Plume Network and Projective Finance's teams also appear to believe that the school districts' commitments to the developments limit the overall risk profile of the tokenization project, according to the statement. They are projecting a yield from 9% to 18%.
"The current solar financing market makes no sense at all. We’ve spent the better part of a decade optimizing and improving solar cell technology but the financing solutions we’re using haven't changed at all," according to Projective Finance.
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