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Short answer. A contracted solar or solar-plus-storage project can be tokenized in two ways. A project vehicle or fund that already has investors would move its investor register on-chain with no new raise. Or the owner would issue a new interest in the vehicle that holds the project. Either way, the power contract, not the panels, carries the value.
In a new tokenization, investors would not own panels, kilowatt-hours or any credit or certificate. The project would sit in a vehicle, usually the project company that holds the site rights, the equipment and the contracts, or a holding company above it where a lender or tax-equity investor requires one, and the tokens would be interests in that vehicle. Commertize is tokenization infrastructure for the owner of an asset, who becomes the issuer. For each project we would set out the holding structure we would use, typically a dedicated vehicle for the asset, with the token representing an interest in that vehicle, and the alternatives.
A vehicle that already owns a solar or storage project, or a fund that already holds several, would keep its investors, their units and every right attached to them. What would change is where the register of who owns what is kept. The move itself would raise no new money.
Consent is a precondition. Where a lender already holds a pledge over the vehicle's equity, or restricts transfers, nothing would move without the lender's written consent, and the structure may have to change to get it. Where a project is financed with tax equity, the partnership agreement can also require the tax-equity investor's consent to the same changes.
The investor would hold a security recorded in their own name on the issuer's register, with transfers restricted by the security's terms and by securities law. The security would be an interest in the vehicle that holds the project and its contracts, or in its holding company, not a share of the equipment or of the power it produces.
The issuer's own securities counsel prepares and signs off the offering documents and chooses the exemption.
In a contracted solar or storage project, any cash flow would come from buyers paying under signed contracts for the power or capacity, such as a power purchase agreement. Where a battery also earns payments for capacity, energy delivered and capacity provided are paid for differently, so the two would be metered and reported separately.
Nothing on this page states or implies a rate of return.
For plants of 1 MW and up, the paperwork that shows who owns a solar plant is public. The paperwork that shows what it earns is the owner's own.
Owners of grid-connected plants of 1 MW or more must file Form EIA-860, the U.S. Energy Information Administration's annual generator survey, which is mandatory. Monthly output is different. In our analysis of EIA's 2025 generation data, 2.0% of solar plants between 1 and 5 MW and 4.1% of those between 5 and 20 MW reported monthly, against 62.8% of plants between 20 and 75 MW. The rest report once, after the year closes, and the 2025 annual file is dated 11 September 2026.
So for a small project, federal data would not show output during the year. An investor's evidence of production and payment would come from the owner's revenue-grade meter and the offtaker's payment statements. The owner produces that evidence; Commertize does not attest to how much a plant generates.
| Record | Public? | Who holds it |
|---|---|---|
| Plant ownership and capacity, plants of 1 MW and up (Form EIA-860) | Yes, annually | EIA |
| Monthly generation, plants under 20 MW | Rarely: 2.0% (1–5 MW) and 4.1% (5–20 MW) report monthly (2025, our analysis) | The owner's revenue-grade meter |
| The power purchase agreement | No | The owner and the offtaker |
| Payment statements | No | The offtaker, issued to the owner |
Three things usually decide it before the equipment does.
A project that has not reached commercial operation is a different and slower case: there is no operating cash flow yet, even where the power contract is signed, so the questions an investor would ask are different.
For a new tokenization, Commertize charges a flat fee per project, set by the complexity of the structure and not by the asset's value or the size of any raise: $15,000, $25,000 or $50,000. Moving an existing register on-chain is quoted in writing as a flat fee before work starts. All terms are subject to a signed engagement.
Yes, if it is operating and contracted. A vehicle or fund that already has investors could move its register on-chain, or the owner could issue a new interest in the vehicle that holds the project. What usually decides it is the power purchase agreement and the consent of anyone already financing the project.
The investor would hold a security recorded in their own name on the issuer's register, with transfers restricted by the security's terms and by securities law. It would be an interest in the vehicle that holds the project and its contracts, or in its holding company, not a share of the equipment or of the power it produces.
A vehicle that already owns a solar or storage project, or a fund that already holds several, would keep its investors, their units and every right attached to them. The move itself would raise no new money.
No. Ownership and capacity for plants of 1 MW and up are public through Form EIA-860, but in our analysis of EIA's 2025 data, 2.0% of 1–5 MW solar plants and 4.1% of 5–20 MW plants reported generation monthly. Production evidence for a small project would come from the owner's meter and the offtaker's payment statements.
For a new tokenization, Commertize charges a flat fee per project, set by the complexity of the structure and not by the asset's value or the size of any raise: $15,000, $25,000 or $50,000. Moving an existing register on-chain is quoted in writing as a flat fee before work starts. All terms are subject to a signed engagement.
Energy infrastructure is one of the asset classes Commertize covers, alongside commercial real estate, compute, and oil and gas royalties. The structure is the same across all of them: a vehicle that holds the asset and a token that records interests in it. What changes is the one question that decides each class, and for solar it is the power contract. See how it works.
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