South African startup The Sun Exchange has expanded abroad after being selected by Architaly Green Energy DMCC, the promoters of the Dubai Solar Schools Programme, to finance one megawatt (MW) of several rooftop solar facilities for top-tier educational institutions in Dubai.
The Sun Exchange – which announced last week it had raised US$1.6 million in funding – allows users to crowdfund solar projects in Africa using bitcoin, increasing transparency and reducing the cost of the cross-border transactions.
The Dubai programme will be the company’s first 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, utilising local solar installations partners and international operators to help Dubai meet its solar target.
The 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 chief executive officer (CEO) of The Sun Exchange.
“The 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 Programme, 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 US$10 per solar cell, to be installed in remotely-located commercial solar projects.