More industries are looking towards adopting cryptocurrency as a means of payment and Sun Exchange came up with a brilliant way for customers to earn money. This ingenious way is joining funds with others to fund solar projects and leasing it for a period of 20 years— its customers can then earn in Bitcoins or South African Rand. Last week, Sun Exchange was able to sell 7344 solar cells in a crowd-sale offer to 118 buyers for lease to Protea Heights Academy.
The solar panels will be installed for a duration of 20 years and the investors will earn rents in return. The schools will cut electricity cost, offset carbon emissions and utilize renewable energy according to the UN’s Sustainable Development Goals.
See also: Colorado Lawmakers Explore Blockchain Technology in Agriculture
Sun Exchange was founded in 2015 by Abe Cambridge and has so far, gained tractions as a leading solar finance business. It plans to raise $3 million funds from Alphabit, a US-based cryptocurrency company, and other investors. Alphabit had invested $500000 September last year and so far, Sun Exchange has raised $1.9 million through its SUNEX token sales events.
Protea Heights Academy would be the next to benefit and also the eight project undertaken by Sun Exchange in South Africa. Previous projects include Kal Tire, CROW Wildlife Rehabilitation, South South North, Sacred Heart College, Nioro Plastics, Knysna Elephant Park, and the Stellenbosch Waldorf School. The next project will take place at Wynberg Boy’s High School.
The project at Protea will be executed alongside non-profit organization – Sarmie Mommiez, Western Cape Department of Education and the Western Cape Department of Economic Opportunities.
Sun Exchange intends to cut across Eastern Europe, South East Asia, India, and Latin America and in the next five years, aims to acquire 10% of African market share.
More on TechGist Africa:
- Facebook Now Uses AI to Identify Populations with Poor Connectivity in Africa
- British High Commission to Nigeria, EFInA to Power Financial Inclusion using Fintech
- Crypto Platform, Revix Receive R11m in Investment
- FemBioBiz Acceleration Program Calls for Women Entrepreneurs
- Finplus Opens an Office in Johannesburg as it Plans to Expand Outside Kenya
