- Press Releases
March 12 (Renewables Now) - The Venezuelan government announced on Sunday it will use its state cryptocurrency Petro to finance solar energy projects in the country.
Petro will be the mechanism by which solar energy projects will be financed through oil alliance Petrocaribe. The initiative will have all the capabilities of the companies part of the international oil organization, the minister of Foreign Affairs Jorge Arreaza Montserrat said during the founding conference of the International Solar Alliance.
Launched last month, Petro is a cryptocurrency developed by the government of Venezuela backed by the country's oil and mineral reserves. It is intended to supplement Venezuela's local currency, as the country faces an economic crisis.