Bitcoin-paying SA solar company plans big expansion

[Hanno Labuschagne]

Bitcoin-paying SA solar company plans big expansion

Sun Exchange, a South African firm that crowd-sources funds for solar panels and leases them to customers, plans to expand to other countries on the continent.

The company, backed by a group part-owned by billionaire Patrice Motsepe’s African Rainbow Capital Investments Ltd., raised $1.4 million for a solar panel and battery-storage project at a Zimbabwean fruit and berry producer, in what it says is the biggest crowd-funded project in Africa.

Its venture at Nhimbe Fresh sees individuals or other investors buying solar cells at $5 to $10 each on its platform and then leasing them back. Investors are repaid over 20 years in either Bitcoin or rand, with about 60% electing to be paid in the cryptocurrency.

[Bloomberg]

 

[_TrXtR_]

Anyone know anything about how these guys operate?
A friend is receiving less back than expected and was told its because it is winter.
But their mention of bitcoin is what bothers me.
You have an option to receive your funds as bitcoin or currency.
But if such an option exists I would imagine that it means their main storage for funds is in bitcoin.
If so would that mean these guys are crashing like bitcoin? Or at least less profits being paid out?

 

[Agent_Smith]

Bitcoin or Rand. Both equally worthless in 20 years time, haha.

 

[konfab]

I made an account so I could check the terms and conditions for doing this:

I came across this little tidbit.

Load Shedding
South Africa sometimes suffers rolling power cuts when the national grid is under stress. When these events occur the solar power production from your solar cells is disconnected for safety and technical reasons. These events are rare and unpredictable, but when they do happen, power losses for a couple of hours can be expected. The rental forecasts in this document have not taken into consideration load-shedding events as it is impossible to predict the frequency of these events. There are however monthly minimum charges to the offtaker, so even in the event of a total failure of the grid, half of the predicted power in any given month will be billed.

https://cms-media.devops-production...ol_58_k_W_Solar_Cell_Crowdsale_af8ecf4794.pdf

Heh, "rare". Also what sort of operation are they running where these systems where they have a system that can produce electricity during blackouts, but it turns off anyway?

To quote dragon's den:
"I'm out"

 

[mr_norris]

I made an account so I could check the terms and conditions for doing this:

I came across this little tidbit.

https://cms-media.devops-production...ol_58_k_W_Solar_Cell_Crowdsale_af8ecf4794.pdf

Heh, "rare". Also what sort of operation are they running where these systems where they have a system that can produce electricity during blackouts, but it turns off anyway?

To quote dragon's den:
"I'm out

I can't wrap my mind around that at all. And the clause to donate part of the panel rental income is also confusing to me. Kind of makes me want to read the T&Cs for the panels I have with fedgroup to see if it's the same with them.

A friend is receiving less back than expected and was told its because it is winter.

I'm sure this is legit because I have seen a steep dip in earnings with my fedgroup panels. In winter it drops to like a fifth of what I get in summer.

 

[NarrowBandFtw]

seen a steep dip in earnings with my fedgroup panels

biggest flaw in both SunExchange and Fedgroup Impact Farming imo is the inability to easily resell your bought assets on their platforms

once you realise the returns will never be spectacular you need to either go big or get out, and they make it basically impossible to get out

so you get stuck watching your pittance roll in every month for the next 20 years until the assets' useful life is over ... fml

 

[hj007]

biggest flaw in both SunExchange and Fedgroup Impact Farming imo is the inability to easily resell your bought assets on their platforms

once you realise the returns will never be spectacular you need to either go big or get out, and they make it basically impossible to get out

so you get stuck watching your pittance roll in every month for the next 20 years until the assets' useful life is over ... fml

Agreed. Basically buying an annuity from them. Returns less than expected, sorry for you.

 

[DuracellBunny]

Have made account with these guy’s, it is legit but

Problems I see

1- if the solar panels are not producing because of it’s life cycle - do we get paid the full amount like when new?

2- do I still get paid if the complete complete circuit goes down - or Is it when the power produced and used we get paid.

3- what happens when the solar panels die but still not noticed because of incompetent workers.

Thought to myself heck this sounds like a good deal but crap, it sounds like another africrypt idea, main company goes into hiding mode, people that benefit is the ones that have the panels and the ones that took the money and gone to Dubai or Brazil

Edit just to add I get mails every other week on there is a new development, but now story, always the case

 

[mr_norris]

biggest flaw in both SunExchange and Fedgroup Impact Farming imo is the inability to easily resell your bought assets on their platforms

once you realise the returns will never be spectacular you need to either go big or get out, and they make it basically impossible to get out

so you get stuck watching your pittance roll in every month for the next 20 years until the assets' useful life is over ... fml

I agree with you, it is difficult to bail out once you are committed. I have bought stuff from people on myBB, also bought stuff from friends who had second thoughts - so it's not impossible. All is not lost if you want to let go.

 

[rowanpi]

Well one of their sites, Karoo fresh, are now struggling to pay for the electricity consumed, due to cash flow issues, and so those invested in that particular site are not getting the money. cell owners will only get paid once sunexchange received the money.

Personally think putting money in a simple unit trust would have been a better idea. That being said, I know most people who buy this type of thing do it more for the "carbon credits" if you can call it that.