We have partnered with the Sun Exchange, the world’s first peer-to-peer solar leasing platform, to crowdfund and finance a 473 kilowatt (kW) solar project to provide clean electricity, reducing costs and emissions, for the wine cellar. The crowdsourced and global approach to solar finance was enabled through Sun Exchange’s innovative online platform. The solar installation is going live in October 2020 to generate renewable and affordable electricity.
Sun Exchange enables individuals around the world to buy, own and earn income from solar cells installed on the roofs of businesses, farm buildings, schools and other organisations in emerging markets. Solar cell owners earn income from the electricity that’s generated, while businesses and organisations reduce electricity costs and carbon emissions.
Through Sun Exchange, Boland Cellar was able to go solar with no upfront capital or ongoing operational costs for 20 years, paying only for the electricity that is consumed.
“Our ethos of collaboration is at the heart of our decision to go solar during this extremely challenging time in the wine industry,” said Heini Smit, CEO, Boland Cellar. “We work hand-in-hand with nature, grape growers, winemakers and others to produce outstanding wines for the world. We believe by way of investing in natural-, human and social capital we will contribute in creating a more sustainable environment for all. Now included in our collaborative ecosystem is Sun Exchange and the 1,204 individuals from around the globe who enabled us to operate more efficiently, produce wines more sustainably and safeguard jobs.”
“The COVID-19 pandemic has had devastating impacts on the South African wine industry, and wine farms and wineries are eager to reduce production costs,” said Abe Cambridge, CEO and founder, Sun Exchange. “Sun Exchange offers a sustainable and affordable solution for Boland Cellar to transition to solar, without any upfront capital outlay. Our global community of members from across the world have already supported 33 similar solar projects, and by financing this project at the height of the COVID crisis, they have demonstrated commitment to taking an active role in rebuilding our global economy in a way that is sustainable.”
After Boland Cellar underwent the Sun Exchange vetting process for financial viability and social and environmental responsibility, Sun Exchange hosted a crowdsale for the Boland Cellar solar project on its platform with 87,264 solar cells available for purchase. The crowdsale sold out fast, and the system took a little over 2 months to install. It will operate for 20 years and will be fully maintained and insured by Sun Exchange for that period. Boland Cellar will pay a pre-agreed rate per kilowatt hour for the electricity used. Net of cost, this fee is paid to solar cell owners as rental income for their solar cells.
About Sun Exchange
Sun Exchange is the world’s first peer-to-peer solar leasing platform, leveraging financial innovation and the power of the crowd to make the environmental, social and economic benefits of solar power accessible and affordable for all. For more information visit www.thesunexchange.com.