This week in South Africa, the FinTech marketplace was introduced to a first-of-a-kind Solar Project Insurance Fund (SPIF) aimed at minimising the financial risk of solar projects in emerging markets.
A blockchain-based solar micro-leasing marketplace, Sun Exchange, this week introduced SUNEX, a new digital network token built for the Sun Exchange platform.
The SUNEX network token is utilised in the new Sun Exchange Solar Project Insurance Fund (SPIF), designed to minimise risk and unlock financing for previously financially underserved solar projects.
The SUNEX digital token is an ERC20 standard token built on the Ethereum blockchain. It is designed to make solar asset ownership through Sun Exchange more affordable and rewarding.
Larry Temlock, Co-Founder and CFO of Sun Exchange, commented: “The SPIF is the world’s first crowd-sourced default insurance fund for clean energy projects in emerging markets.”
Solar Project Insurance Fund (SPIF)
“Small commercial and industrial solar projects can drive urgent economic development by powering organisations such as hospitals, schools, small and medium businesses in developing regions.
"However, with aid organisations and NGOs primarily funding residential solar, and large banks and financiers only backing large- and utility-scale projects, sees these smaller but otherwise commercially viable solar projects fall into a major funding gap,” explained Abraham Cambridge, the firm's Founder and CEO.
“With the new SUNEX network token and SPIF, Sun Exchange is leveraging blockchain and the crypto-economy to further bridge that funding gap and address a very real global challenge that can impact the lives of millions.” Read more: Blockchain energy company KWHCoin announces new ICO date
“We have invested in the Sun Exchange and purchased SUNEX tokens, because we believe in the fundamental value of the business, and in the healthy growth of the network as people all over the world embrace renewable energy,” said David Orban, Founder and Managing Partner, Network Society Ventures, and Advisor to Sun Exchange.
“The innovation of coupling blockchain with solar energy decentralises renewable energy funding and production, democratising access and setting the stage for the long-term growth of Sun Exchange’s activities.”