Solar energy marketplace, Sun Exchange, has completed a US$1.4 million crowdsale for a 510 kilowatts solar and 1 MWh battery storage project to power packhouse and old store facilities of Zimbabwean agriculture company Nhimbe Fresh.
This is a first crowdsale by Sun Exchange of a multiphase solar and storage project which will help Nhimbe fresh entirely thus this will its carbon emissions by more than one-million kilograms a year.
In a statement, Sun Exchange founder and Chief Executive Officer Abraham Cambridge, said the solar power installation is set to replace coal and diesel energy sources at Nhimbe Fresh thereby saving US$2 million and reducing energy costs by nearly 60%.
“This is our largest crowdsale and our first project outside of South Africa. It demonstrates how individuals, empowered with innovative technology can play a critical role in creating a more sustainable energy future by unlocking clean energy in ways that traditional finance cannot.
“”This is the highest earning potential of any solar project run through the Sun Exchange platform to date,” Cambridge said
The crowdsale pulled 1 700 individuals across 98 countries and nearly US$1.4 million solar cells were sold.
Sun Exchange investors in the solar farm will earn a monthly income stream for 20 years, with an estimated internal rate of return (IRR) of 16.71% in South African rand terms, the firm said.
To mitigate risk of local currency fluctuations, solar cells will be leased to Nhimbe Fresh at a USD-pegged fixed price.
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