RepayingHouston, TexasBorrower approvedListed Aug 22, 2025
METAWATT: energy certificates that trace to the meter
Three years of capital to take peer-to-peer energy certificates from two Texas co-op pilots to a settled product on ERCOT interval data.
Three years of capital to take peer-to-peer energy certificates from two Texas co-op pilots to a settled product on ERCOT interval data.
All 3 updates →
A renewable energy certificate is supposed to prove that a particular megawatt-hour came from a particular place. In practice it proves that somebody filled in a form. METAWATT settles certificates against ERCOT interval data instead, so the claim traces to a meter reading rather than to a declaration.
Two Texas co-operatives are running the pilot. Between them they have settled just under 19,000 certificates since the Austin hackathon, and the second co-op has asked to move its whole book across once the reconciliation tooling is finished.
This is the largest BSV development loan on the platform and the longest: thirty-six months, quarterly, because a utility book does not turn over faster than that.
Live volume across two co-operatives since the hackathon build.
8.00%, reflecting utility counterparties and a first charge over the contracts.
Its full book moves once reconciliation tooling ships.
Both co-ops livedone
Pilot volume across two counterparties.
Dec 10, 2025
Accreditation fileddone
Registry application submitted.
Mar 27, 2026
Reconciliation acceptance
Co-op one signs off on parallel run.
Oct 15, 2026
Second co-op migration
Full book moves across.
Apr 1, 2027
Abhi Sridharan
Independent reviewerCredit analyst, 11 years across SME lending, supply-chain finance and early-stage software.
Grade
Utility counterparties, contracted service agreements, a first charge, and volume history. The best credit in this category by a distance.
The counterparties here are electricity co-operatives, which changes the analysis completely. They do not fail quickly, they pay on terms, and their service agreements are assignable, so the collateral is worth something in a workout rather than being a charge over source code.
Nineteen thousand settled certificates is real operating history. I have reconciled a sample against ERCOT interval data and the settlements tie out.
Grade A is the highest I have given on this platform. The reservation is duration: three years is long, the secondary market here is thin, and a lender who might need this money in 2027 should not be in it.
Posted Aug 22, 2025
| # | Due | Principal | Interest | Status | Transaction |
|---|---|---|---|---|---|
| 1 | Jan 1, 2026 | 73.33 BSV | 611.60 MNEE | Paid | 1877e6…ab89 |
Metawatt Energy LLC · Energy · Houston, Texas · founded 2024
Peer-to-peer energy certificates, tracing where electricity came from and where it went. Two Texas co-ops are running the pilot; the certificates settle against ERCOT interval data rather than a self-declared figure.
Renata Solis
Co-founder, grid ops
Paul Ndiaye
Co-founder, engineering
Registry accreditation is granted by a body with no fixed timetable. A delay does not stop revenue but does stop growth.
Thirty-six months is a long time to hold an early-stage energy credit. Secondary liquidity is thin.
Both co-operatives are in the same market under the same regulator.
Collateral coverage
3.53×
$38,800 of security against $10,986 still outstanding. The line is one times.
How it was marked. Co-operative service agreements at 85% of the remaining committed term: both are multi-year and both are with regulated counterparties. Registry contracts at 60%. Marked Aug 27, 2025 by Abhi Sridharan.
A mark on a date, not a valuation and not a promise. Nothing here can be sold at 3am: enforcing a charge over stock or receivables takes months, costs money, and recovers less than the figure above.
This loan is drawn in BSV. Move the price.
METAWATT owes BSV and earns in ordinary money. You hold a claim on BSV and think in dollars. The same move helps one of you and hurts the other.
unchanged from today
the schedule as written
The coupon is not on either side of this: it was fixed in dollars at drawdown and a move in the price does not touch it. Arithmetic on a figure you chose, not a forecast.
A missed instalment moves the loan to late. If it is not cured or restructured by the next due date it moves to default and arbitration opens automatically. Every lender with a position can read the case file, add evidence and vote on the recovery route, weighted by principal.
How arbitration worksCo-op one has run our reconciliation alongside their own for a full billing month. Variance came in at 0.37% and every case traced to a meter re-read on their side rather than to us. That is the number acceptance turns on.
Co-op one has been running the reconciliation tooling against a parallel book since July. Variance is under 0.4% and every case traced to a meter re-read rather than to us. Acceptance sign-off expected in October.
Filed in March. No timetable given, which is normal. We are told six to nine months is typical for an application of this type.
Some updates on this loan are visible only to lenders holding a position. They are withheld on the server, not hidden in your browser.
What the borrower answered before the listing went up, and everything asked since. Anyone can read this; anyone with a wallet connected can ask.
Every live loan has a room where lenders and the borrower talk. Anyone can read it; anyone holding a position can post. The thread above is the public one and stays public.
Open lender chatAnd 173 more. This build models a handful of lenders as people with profiles and carries the rest as a count, so the list above is a subset of the book rather than all of it.
Every lend and every repayment on this loan.
| Who | What | Amount | When | Transaction |
|---|---|---|---|---|
| @renata.s | Instalment 3 of 12 | 96.90 BSV | Jul 1, 2026 | 464417…78d5 |
#1 Jan 1, 2026 73.33 BSV principal 611.60 MNEE Paid |
| 2 | Apr 1, 2026 | 73.33 BSV | 560.63 MNEE | Paid | 1b77eb…2e0d |
#2 Apr 1, 2026 73.33 BSV principal 560.63 MNEE Paid | |||||
| 3 | Jul 1, 2026 | 73.33 BSV | 509.67 MNEE | Paid | 1a77e9…b091 |
#3 Jul 1, 2026 73.33 BSV principal 509.67 MNEE Paid | |||||
| 4 | Oct 1, 2026 | 73.33 BSV | 458.70 MNEE | Scheduled | – |
#4 Oct 1, 2026 73.33 BSV principal 458.70 MNEE Scheduled | |||||
| 5 | Jan 1, 2027 | 73.33 BSV | 407.73 MNEE | Scheduled | – |
#5 Jan 1, 2027 73.33 BSV principal 407.73 MNEE Scheduled | |||||
| 6 | Apr 1, 2027 | 73.33 BSV | 356.77 MNEE | Scheduled | – |
#6 Apr 1, 2027 73.33 BSV principal 356.77 MNEE Scheduled | |||||
| 7 | Jul 1, 2027 | 73.33 BSV | 305.80 MNEE | Scheduled | – |
#7 Jul 1, 2027 73.33 BSV principal 305.80 MNEE Scheduled | |||||
| 8 | Oct 1, 2027 | 73.33 BSV | 254.83 MNEE | Scheduled | – |
#8 Oct 1, 2027 73.33 BSV principal 254.83 MNEE Scheduled | |||||
| 9 | Jan 1, 2028 | 73.33 BSV | 203.87 MNEE | Scheduled | – |
#9 Jan 1, 2028 73.33 BSV principal 203.87 MNEE Scheduled | |||||
| 10 | Apr 1, 2028 | 73.33 BSV | 152.90 MNEE | Scheduled | – |
#10 Apr 1, 2028 73.33 BSV principal 152.90 MNEE Scheduled | |||||
| 11 | Jul 1, 2028 | 73.33 BSV | 101.93 MNEE | Scheduled | – |
#11 Jul 1, 2028 73.33 BSV principal 101.93 MNEE Scheduled | |||||
| 12 | Oct 1, 2028 | 73.33 BSV | 50.97 MNEE | Scheduled | – |
#12 Oct 1, 2028 73.33 BSV principal 50.97 MNEE Scheduled | |||||
Principal is repaid in BSV; the coupon is paid in MNEE, so an instalment has two amounts in two units and no meaningful sum. Every settled instalment carries the transaction that paid it.
