Renewable energy company Sun Exchange has announced that bitcoin will be used to fund a large solar power project in South Africa.
The 198-kV solar project will provide clean and affordable power to the country’s Pretoria Boy’s High School.
Bitcoin has been used by a private investor to purchase 98% of all solar cells for the project, which will offer zero capital cost for the school while reducing its energy bill and reliance on diesel generators.
Additionally, with the project, the school will face no disruptions to educational activities during the country’s scheduled national blackouts, which have come as a result of South Africa’s ongoing energy crisis.
“This project and the purchase of solar cells by an alumnus of the school and crypto investor, demonstrate the power of cryptocurrency and innovative fintech to unlock capital for the clean energy transition.
Together with our global community, we’re forging a path toward a more sustainable future, where clean energy and technological innovation combine to transform the landscape,” stated Sun Exchange CEO, Saul Wainwright.
The project is poised to cut 5,800 tons of CO2 over 20 years, which is the equivalent of removing 210,000 combustion engine cars from the road for a year.
“Solar energy and blockchain are two of the most exciting and transformative technologies of our age…” stated the anonymous investor to Sun Exchange.
“Through the speed of global peer-to-peer digital transactions, as individuals we can finance and benefit from solar power at the click of a button, but also pioneer a new era of sustainable innovation.”
