- Nhimbe Fresh venture proclaimed to be Africa’s largest crowd-funded project.
- Sun Exchange collaborates with Energea Global to raise funds for solar cells.
- Sun Exchange receives $1.5 million in seed funding from Boost VC, Techstars Central, and the Alphabit Fund.
Sun Exchange, a South African company that crowdsources funds for solar panels and leases them to customers, intends to expand into other African countries. The company, which is backed by Patrice Motsepe led African Rainbow Capital Investments, raised US$1.4 million (R21.6 million) for a solar panel and battery storage project at a Zimbabwean fruit and berry producer, claiming it is Africa’s largest crowd-funded project.
The Nhimbe Fresh venture involves individuals or other investors purchasing solar cells on its platform for $5 to $10 each and then leasing them back. Investors are repaid in bitcoin or rand over 20 years (about 60% opt to be paid in bitcoin). Individuals can contribute to reducing climate-warming emissions with relatively small investments while still earning a competitive rate of return. The panels are installed and maintained by Sun Exchange. According to the firm, investors in the Nhimbe Fresh project can expect an internal rate of return of 16.7 per cent.
The Sun Exchange platform currently has approximately 35,000 investors from 180 countries. The company, which launched its first project in 2016, has raised $8.3 million from investors, including blockchain-based venture capital funds. Other projects executed include solar power for South African schools and retirement homes and six Spar Group supermarkets. In addition, a broccoli and saffron farm in the Karoo is raising funds for 332kW solar panels and 640kWh of battery storage.
Sun Exchange recently received $1.5 million in seed funding from Boost VC, Techstars Central, and the Alphabit Fund. In addition, arch Emerging Markets Partners, a company co-founded by African Rainbow, provided three-quarters of a $4 million series-A funding round, with the African Development Bank and the European Investment Bank also investing. In 2021, $2.8 million in convertible notes were sold, with Arch receiving $2.5 million.