Online automobile market Cars.co.za and solar leasing platform Sun Exchange have engaged into a partnership to promote green energy in South Africa.
Sun Exchange has announced that its automotive platform has invested in a project that offers off-grid solar power and battery storage to Karoo Fresh, a commercial farm located in the Karoo province of South Africa.
The solar leasing platform asserts that by utilising the Sun Exchange platform to purchase over 16,000 solar cells valued at over R2.5 million, Cars.co.za is leveraging its balance sheet to drive sustainable energy while creating an alternative revenue stream for its business over the 20-year lifespan of the solar project.
Sun Exchange lets people buy solar cells to power companies and communities.
Sun Exchange customers lease solar cells to hospitals, companies, schools, and other end-users for solar-powered rental revenue.
It uses blockchain and Bitcoin to boost transparency and cut cross-border transaction costs, which prevent most commercial solar projects from getting traditional finance.
The 332.1kW solar plus 640kWh storage plant is presently generating power, Solar Exchange reports.
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The project offers dependable solar power for Karoo Fresh’s irrigation system, allowing the farm to grow brassica and saffron production while becoming more sustainable and reducing its dependency on diesel power.
The initiative is intended to replace 90 000 gallons of fuel yearly, reducing 240 tonnes of CO2 emissions per year, or 960 000km travelled in an ordinary passenger vehicle.
Sun Exchange said the next step will eliminate the farm’s dependency on fuel.
“Our belief that business can be a powerful force for good is one of Cars.co.za’s core values and essential to our culture,” says Alastair MacMurray, co-founder, Cars.co.za. “We’re proud to be associated with Sun Exchange and the Karoo Fresh solar project, as part of our vision at Cars.co.za to protect our environment and be a carbon-negative business. This project gave us the ability to align with a progressive business and effectively achieve our major environmental goals for 2022.”
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“The Sun Exchange platform is all about enabling access to the benefits of the clean energy economy for all. With growing global focus on ESG [environmental, social and governance], this increasingly includes sustainability-minded companies that want opportunities to earn while making a positive impact,” says Abe Cambridge, chief executive officer of Sun Exchange. “Having Cars.co.za buy solar cells to power Karoo Fresh through the Sun Exchange platform, demonstrates the vital role the private sector can play in addressing some of today’s most pressing sustainability challenges.”
“Being located in the Karoo, an area notorious for its harsh climate, Karoo Fresh has a long history of embracing innovation and adaptation to grow our business,” says Eric Brown, owner of Karoo Fresh. “Having continuous, reliable, affordable clean energy is a game-changer that will enable us to sustainably expand the reach and impact of our agriculture business.”
Since 2015, Sun Exchange has provided solar electricity for over 65 businesses, farms, schools, and other organisations throughout Southern Africa, according to the company.
It is stated that the company’s solar installations have produced over 13 gigawatt-hours of renewable energy, hence preventing over 13,000 tonnes of carbon emissions.
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Individuals and businesses from 180 countries across the globe use the Sun Exchange platform to purchase and own solar cells, generate clean power, and earn money for a good cause, according to the website.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh