Candi raises $38m to supply solar energy to South African businesses
Swiss company Candi Solar has raised $38 million. The aim is to supply solar energy to commercial and industrial (C&I) customers in Africa and India.
The $38 million financing was raised as part of a round of financing led by Norwegian investor Norfund ($20 million), France’s STOA Infra & Energy and Japanese energy company Kyuden International Corporation. The aim of Candi Solar’s financing is to continue developing its activities in Africa and Asia.
The Swiss company finances and installs ground-mounted and rooftop photovoltaic solar power plants, which it then leases to commercial and industrial (C&I) customers. “To accelerate the decarbonisation of electricity production, we are convinced of the need to encourage the development, alongside these large capacities, of small renewable electricity production units close to commercial and industrial activities. The solutions developed by Candi democratise access to solar energy for small and medium-sized enterprises (SMEs)”, explains Marie-Laure Mazaud, Managing Director of STOA Infra & Energy, which is making its second investment in Candi.
According to the company led by Fabio Eucalipto, the $38 million investment will support the financing of a further 200 MW of commercial solar projects, “supporting strategic hiring initiatives to support its rapid expansion”. Candi currently boasts 112 MW of installed capacity in India and South Africa.
In the rainbow nation, the Zurich, Switzerland-based solar energy provider is present in at least eight provinces. In Gauteng, for example, Candi has installed a 135 kWp ground-mounted solar power plant to supply the facilities of French energy solutions and automation giant Schneider Electric. In the Northern Cape, Candi is producing 1.2 MWp of solar power for farmer Henbrie Boerdery in Douglas.
