South African solar micro-leasing marketplace Sun Exchange has partnered rural mini-grid solutions provider Powerhive to utilise the crypto-economy to provide greater access to energy in rural Kenya.
Sun Exchange allows users to buy solar panels with cryptocurrencies and lease them to various projects, while Powerhive, which has offices in the United States (US) and Kenya, enables the development, financing, and management of bankable solar micro-grids.
Through the new partnership, Powerhive has been named as the exclusive recipient of proceeds designated for solar project pre-financing from sales of the Sun Exchange SUNEX digital rewards token.
Powerhive will use the funds for building solar-powered rural electrification mini-grid projects, which include revenue and livelihood enhancing programmes throughout Sub-Saharan Africa. The solar panels that make up these projects will subsequently be offered to Sun Exchange members, who will then receive the decades of “solar-powered money”.
When fully subscribed, this process is expected to catalyse US$23 million of capital that will accelerate Powerhive’s solar powered mini-grid roll out, by funding approximately 150 new projects that will provide power to 175,000 people currently lacking power.
“The cryptocurrency community is made up of inspired individuals eager for more than just financial gain. Our partnership with Powerhive underscores the SUNEX token sale opportunity to support a crypto project geared directly towards reducing global inequality and climate impact,” said Abraham Cambridge, founder and chief executive officer (CEO) of Sun Exchange.
“Together, we are working towards a world where no one is forced to cook with unsafe kerosene or wood-burning stoves, no child has to worry about how they will study after dark, and lack of energy access ceases to propel cycles of poverty.”
