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 with a focus on infrastructure and energy, as well as Kyuden International Corporation, a Japanese energy firm.
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. 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, emphasizing the accessibility of solar energy that Candi provides. With the new capital, Candi Solar is set to finance an ambitious goal of adding 200 MW to its portfolio of solar projects. The funds will also support strategic recruitment to keep pace with the company’s swift growth trajectory.
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, marked by notable projects such as 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.
