Online car marketplace Cars.co.za has entered into a deal with solar leasing platform Sun Exchange to unlock renewable energy in South Africa.
Sun Exchange today announced the automotive platform bought into a project that provides off-grid solar power plus battery storage to Karoo Fresh, a commercial farm in South Africa’s Karoo district.
The solar leasing platform says by using the Sun Exchange platform to buy more than 16 000 solar cells, valued at over R2.5 million, Cars.co.za is leveraging its balance sheet to drive sustainable energy, while creating an alternative income stream for its business over the 20-year lifespan of the solar project.
Sun Exchange is a marketplace where individuals can purchase solar cells and have them power businesses and communities.
Users lease their solar cells purchased through Sun Exchange to hospitals, factories, schools and other end-users, earning them solar-powered rental income.
It leverages blockchain and Bitcoin to increase transparency and reduce the costs of the cross-border transactions, both problems that inhibit the majority of commercial solar projects from accessing traditional funding options.
In a statement, Solar Exchange says the 332.1kW solar plus 640kWh storage project, which is now generating electricity, is Sun Exchange’s first fully off-grid project.
The project provides continuous, reliable solar power for Karoo Fresh’s irrigation system, enabling the farm to expand its production of brassica and saffron, while becoming more sustainable and cutting its reliance on costly and polluting diesel power.
According to the firm, the project is expected to replace approximately 90 000 litres of diesel annually, avoiding an estimated 240 tonnes of carbon dioxide emissions per year, equivalent to approximately 960 000km driven in an average passenger vehicle.
Sun Exchange says it is in the planning stages of the next phase of the project, which will eliminate the farm’s reliance on diesel altogether.
“Our belief that business can be a powerful force for good is one of Cars.co.za’s core values and essential to our culture,” says Alastair MacMurray, co-founder, Cars.co.za.
“We’re proud to be associated with Sun Exchange and the Karoo Fresh solar project, as part of our vision at Cars.co.za to protect our environment and be a carbon-negative business. This project gave us the ability to align with a progressive business and effectively achieve our major environmental goals for 2022.”
“The Sun Exchange platform is all about enabling access to the benefits of the clean energy economy for all. With growing global focus on ESG [environmental, social and governance], this increasingly includes sustainability-minded companies that want opportunities to earn while making a positive impact,” says Abe Cambridge, chief executive officer of Sun Exchange.
“Having Cars.co.za buy solar cells to power Karoo Fresh through the Sun Exchange platform, demonstrates the vital role the private sector can play in addressing some of today’s most pressing sustainability challenges.”
“Being located in the Karoo, an area notorious for its harsh climate, Karoo Fresh has a long history of embracing innovation and adaptation to grow our business,” says Eric Brown, owner of Karoo Fresh.
“Having continuous, reliable, affordable clean energy is a game-changer that will enable us to sustainably expand the reach and impact of our agriculture business.”
Sun Exchange says since 2015, it has enabled solar power for more than 65 businesses, farms, schools and other organisations in Southern Africa.
It notes the company’s solar projects have generated more than 13 gigawatt-hours of clean energy, avoiding more than 13 000 tonnes of carbon emissions.
Individuals and businesses from 180 countries across the world use the Sun Exchange platform to buy and own solar cells, produce clean electricity and earn with purpose, it adds.
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