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Lindsey Schutters
Cryptocurrency to power solar projects
With more than one-billion people still living without electricity, which severely inhibits economic development and basic human rights including health, education, safety and security, Sun Exchange has joined forces with Powerhive to utilise the crypto-economy to accelerate global progress towards universal energy access.
Through the new partnership, Powerhive has been named as the exclusive recipient of proceeds designated for solar project pre-financing from sales of the Sun Exchange Sunex digital rewards token.
Powerhive will use the funds for building solar-powered rural electrification mini-grid projects, which include revenue and livelihood enhancing programmes throughout sub-saharan Africa. The solar panels that make up these projects will subsequently be offered for sale to Sun Exchange members, who will then be able to own cells within the projects and earn decades of "solar-powered money" from the electricity the projects produce. When fully subscribed, this process is expected to catalyse $23m of capital that will accelerate Powerhive's solar powered mini-grid roll out, by funding approximately 150 new projects that will provide power to 175,000 people currently lacking power.
In addition to providing utility-grade power to communities, Powerhive operates wealth generation programmes within them, such as the solar-powered chicken incubation Kuku Poa initiative. Putting the available solar power to work for productive use drives overall economic development and prosperity, ensuring access to energy remains ever more affordable to the customers buying it.
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