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Home Renewables

South African startup Sun Exchange raises US$1.4M from crowd sale of Zimbabwe solar project

TechGist Africa by TechGist Africa
April 6, 2021
in Africa, Capital Markets, Energy, Renewables, Solar power, South Africa, Zimbabwe
Reading Time: 1 min read
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Sun Exchange, an energy start-up in South Africa, raised US$1.4M in a crowd selling of solar cells for a 1.9 megawatt (MW) solar and battery storage facility at Zimbabwe’s Nhimbe Fresh farm.

Individual solar cells in the project were eligible for purchase by investors. In return, they will receive a cryptocurrency rental income from the electricity produced.

The crowd sale drew more than 1,700 customers, according to Sun Exchange.

Nhimbe Fresh is a major fruit and tobacco producer in Zimbabwe. The solar project is part of the company’s strategy to use solar energy to fuel its entire operation.

Also read: World Bank to roll-out US$22.5M solar energy in West & Central Africa

Zimbabwe’s recurrent power outages, which can last up to 18 hours in some places, have prompted companies to search for cheaper and more stable energy sources.

According to Nhimbe, the scheme could reduce the company’s total energy costs by up to 60%.

The solar farm’s investors will receive a monthly income stream for the next 20 years, with a projected internal rate of return (IRR) of 16.71 percent in South African rand, according to Sun Exchange.

In a quote, Sun Exchange said, “This is the highest earning potential of any solar project run through the Sun Exchange network to date.” “Solar cells will be leased to Nhimbe Fresh at a USD-pegged fixed price to mitigate the chance of local currency fluctuations.”

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Via: Tech Gist Africa
Tags: clean energyrenewable energyrenewablessolarsolar energysolar powerSouth AfricaSouth African startup Sun Exchange raises US$1.4M from crowd sale of Zimbabwe solar projectSun ExchangeTech Gist Africazimbabweзимбабвеюжная-африкаجنوب-أفريقيازيمبابويジンバブエ南アフリカ南非津巴布韦
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TechGist Africa

TechGist Africa

Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across.

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