As the sun sets on another impactful year, it’s important to take a step back and reflect on the milestones that have shaped our journey in 2023. Against the challenging backdrop of a worsening climate emergency globally and energy crisis locally, our team’s commitment to connecting the world to the sun continues to shine. Join us in this blog post to revisit the key moments that have defined our mission to connect the world to the sun this year.
Tipping points and a revolution underway
First, it’s important to consider the context and urgency of the energy transition. Mere days ago, The Guardian reported a stark reminder of the looming climate crisis – that the Earth is on the verge of five catastrophic climate tipping points and that we face ‘devastating domino effects’ including mass displacement and financial ruin if we don’t act quickly. As if a climate crisis isn’t enough, locally, the energy crisis in South Africa has meant 6,800 hours of scheduled power cuts this year alone, necessitating the need for reliable, affordable alternatives to coal-generated power.
The good news is that in 2023 we’ve seen clear evidence that the solar revolution is well underway. The globe is on track for 360 GW of solar to be installed this year alone (this is the equivalent of 360 large coal-fired power stations), and for solar installations to exceed 2 TW (2,000 power stations) by 2025. In South Africa, largely driven by the energy crisis, it is estimated that solar installations will reach 5.44 GW by the end of the year.
Our impact by numbers
A few weeks ago we marked a notable and exciting milestone – SunEx has now enabled 10 MW worth of solar projects. That’s more than 80 organisations that have been solar powered, including more than 30 schools. We’re proud to be contributing to the pivotal shift to cleaner, affordable and more reliable energy. Our projects have generated an impressive 22.5 GWh of clean energy to date, the equivalent of over 8,000 tonnes of coal burned. This has led to a CO2 reduction of over 23,000 tonnes, the equivalent of driving 95 million kilometres in an average passenger vehicle.
Funding partners powering positive change
Building on the momentum created by our global community of individual solar cell owners during the first 7 years of Sun Exchange, at the end of 2022 we introduced a new programme to enable values-aligned corporations and institutions to fund our projects as well. We’re happy to report that the new funding partnerships established through the programme are core to our success in 2023, having funded a whopping 82% off all solar projects in 2023, compared to 38% in 2022. This critical influx of support, which took the total value of projects funded by corporates and individuals to over ZAR 250 million, has enabled more swift project closures and boosted our ability to develop and fund more and larger solar projects.
Notable achievements enabled by our growing network of corporate and institutional funding partners include:
- CVE South Africa’s impact: This international independent power producer has been backing sustainable energy for education, funding solar power for Yeshiva College and the monumental HTS Drostdy project — at 470.88 kW solar + 700 kWh battery storage, it’s our largest school solar project to date, and the largest in the province.
- Absa’s solar commitment: Absa Bank joined forces with SunEx to solar power Bizweni Campus, providing clean and uninterrupted electricity for essential services to children and adults with disabilities.
- Energea’s vision: Fulfilling its mission, Energea, the US renewables investment platform, has funded solar solutions for CPOA Constantia Place and Laerskool Dr Havinga this year.
- Hannover Re’s social responsibility: Advocating for solar power equality, Hannover Re, the global reinsurer, made a donation covering capital expenditures for the Cape Town Society for the Blind solar project. This will enable the nonprofit to save an estimated R2.2-million in energy costs over the solar project’s 20-year lifespan.
- Introducing Jaltech: This alternative investment fund manager recently joined our funder network, funding the 314 kW solar / 400 kWh storage project that will power Saratoga Fruit Estate, and more to come soon.
Other developments
Other notable developments include funding the solar project for Buhle Farmers’ Academy, our first impact-only project. Members supported this initiative, channelling solar earnings directly to the non-profit, maximising its potential for socio-economic impact.
The phase 2 crowdsale for one of our most renowned solar projects — Protea Heights Academy — was also successfully completed. Returning to expand their solar plant, Protea Heights Academy saw an additional 14,400 solar cells purchased by 559 individuals and businesses. With added battery backup, the project will further support the school’s growth and resilience against power outages.
As we bid farewell to 2023, SunEx is proud to be a recognised leader at the forefront of South Africa’s energy transformation. Together with our global community of supporters and network of funding partners, we’re fortunate to be able to do the rewarding and important work of building a brighter future, one solar project at a time. The year ahead holds the promise of more projects and deeper impact. Thank you for being part of our journey towards a solar-powered world.
Stay tuned for more updates, more innovation, and more sunshine in 2024!
