South African-based blockchain start-up Sun Exchange, a sharing economy marketplace for solar power, has been selected as a financing partner for visionary Dubai Solar Schools Programme.
The company announced on Monday that it has been selected by Architaly Green Energy DMCC, the promoters of the Dubai Solar Schools Program, to finance one megawatt (MW) of several rooftop solar facilities for top-tier Educational Institutions in Dubai.
This will be the first Sun Exchange solar project outside of Southern Africa, marking the company’s international debut and an important step towards its vision of financing a diverse portfolio of solar plants around the world.
The solar project has been developed by Dubai Solar Schools, an initiative to drive the comprehensive solar transition for Dubai’s top 100 schools and universities.
Dubai Solar Schools offers schools and universities in Dubai access to fully funded solar plants under a zero-capex/zero-opex formula, utilizing local solar installations partners and international operators to help Dubai meet their ambitious solar target.
The model complies with and is supported by a favourable policy and local regulatory environment for solar plant leasing. The overarching purpose is to drastically reduce schools’ electricity costs and carbon footprint with zero investment from the schools, using clean, renewable solar power.
Sun Exchange will finance and lease the solar facility through its newly established Dubai entity, meeting the local rules and regulations required for a blockchain-based peer-to-peer solar leasing marketplace.
“Dubai has established itself as a bold leader in the global transition to clean power,” said Abraham Cambridge, founder, and CEO of Sun Exchange.
“Sun Exchange won the Smart Dubai Office Global Blockchain Challenge in May this year. Building on that recognition, we’re now making our global debut in this forward-thinking city. Our support of the Dubai Solar Schools Program, alongside other world-class solar companies, is an important milestone towards the worldwide economic and environmental transformation we envision.”
Through the Sun Exchange global platform, anyone can purchase solar assets at a starting cost of $10 per solar cell, to be installed in remotely-located commercial solar projects. This model makes solar plant ownership extremely accessible, while giving businesses and communities in emerging markets access to fully-funded solar projects to reduce running costs and drive sustainable development.
Sun Exchange has already successfully realized four commercial solar projects throughout South Africa.
“New technology is an important enabler for Dubai Solar Schools Program’s goal of establishing a sustainable, solar-powered education landscape for the city of Dubai,” said David Provenzani, Managing Director of Architaly Green Energy DMCC, and creator of Dubai Solar Schools Program.
“We are thrilled to partner with Sun Exchange and leverage their unique approach to solar power financing, which we find highly ethical and innovative for delivering clean power everywhere, including emerging countries in remote areas. Sun Exchange not only enables access to solar power, but also a real opportunity for a sustainable development of their communities, where energy means a better life and a brighter future.”
Sun Exchange is a pioneer in the African energy market and is quickly gaining global recognition for its unique approach to enabling solar energy access. The company recently announced it secured $1.6 million in seed financing from several strategic partners around the world including Network Society Ventures, Kalon Venture Partners, and three of the world’s leading technology accelerators, BoostVC, Techstars and Powerhouse.
The company was also recently recognized for the second consecutive year as Top Bitcoin & Blockchain Company in Africa by Fintech Africa.