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The Sun Exchange Accepts Bitcoin Investment For Solar Project
The Sun Exchange, a South Africa-based crowd lending solar energy startup, has started accepting digital currency bitcoin for solar energy investment.
This is perhaps the first such initiative wherein bitcoin is used to fund a solar energy project. VentureBurn reports that the startup is currently running a campaign to power a school in Stellenbosch, South Africa.
“Investments in our projects are open to everyone. We accept local (fiat) currency and Bitcoin. Transferring fiat currency between countries is often expensive and time consuming. We accept bitcoin so that you can invest in a solar project wherever you are in the world quickly, easily and securely”, the website reads.
The project has received investments from individuals in Canada, Australia, UK, and Switzerland. Those who invest in solar projects are receiving a 10% internal rate of return.
Speaking to VentureBurn, Abe Cambridge, founder of The Sun Exchange, emphasizes that the platform is unique as investors are able to finance solar energy using Bitcoin and the electricity generated by the solar installation can be repaid to the investor using Bitcoin.
“The digital currency has removed the friction and costs normally associated with international remittance. The efficiencies of Bitcoin means that we can make micro-payments in near real time as the electricity generated by the solar panel installation. This means that as long as the sun is shining, the investor can see their money working”, he added.
The peer-to-peer lending platform connects people that want to invest in solar power with those that want to access it. It is developing solar projects in diverse locations so that its lenders can choose a portfolio of investments. Currently, its active projects are only in South Africa.