Swiss-based clean energy enterprise Candi Solar has successfully raised $38 million to boost its solar energy offerings for commercial and industrial (C&I) clients across Africa and India. The investment round was predominantly financed by Norwegian investment entity Norfund, contributing $20 million. Additional support came from STOA Infra & Energy, a French company focusing on infrastructure and energy, as well as Kyuden International Corporation, a Japanese energy firm.
Candi Solar’s Mission and Services
Candi Solar’s core business revolves around providing financial solutions, installation services, and maintenance for solar power installations, including rooftop and ground-mounted systems, tailored to the needs of C&I customers. These services are crucial for businesses looking to transition to renewable energy sources and reduce their carbon footprint.
Investor Commitment
Marie-Laure Mazaud, the Managing Director of STOA Infra & Energy, expressed the company’s commitment to fostering renewable energy on a smaller scale in conjunction with larger projects to reduce carbon emissions from electricity generation. She highlighted the importance of Candi Solar’s offerings, particularly for small and medium-sized enterprises, as a key factor for STOA’s investment decision. Mazaud emphasized the accessibility of solar energy that Candi provides, making it easier for SMEs to adopt sustainable energy solutions.
Expansion Plans
With the new capital, Candi Solar is set to finance an ambitious goal of adding 200 MW to its portfolio of solar projects. This expansion will significantly increase the company’s capacity to serve more businesses across its target regions. The funds will also support strategic recruitment to keep pace with the company’s swift growth trajectory, ensuring that it has the necessary talent to manage and execute its expanding operations.
Current Presence and Notable Projects
Candi Solar has already established a significant presence, with an existing capacity of 112 MW spread across installations in India and South Africa. In South Africa, the company’s reach extends to at least eight provinces. Notable projects include a 135 kWp solar installation for Schneider Electric in Gauteng and a substantial 1.2 MWp solar plant for Henbrie Boerdery, an agricultural business in the Northern Cape. These projects exemplify Candi Solar’s capability to deliver large-scale solar solutions that meet the diverse needs of its clients.
Conclusion
Candi Solar’s recent funding success marks a significant step in expanding its solar energy solutions across Africa and India. With strong backing from international investors and a clear focus on supporting SMEs, Candi Solar is well-positioned to drive the adoption of renewable energy in its target markets. This expansion will not only contribute to reducing carbon emissions but also provide reliable and sustainable energy solutions to businesses, promoting economic growth and environmental sustainability.