- Candi Solar acquired the $38 million equity capital from Norfund ($20m), STOA ($14.5m) and Kyuden International ($3.5m).
- In South Africa, the firm has a 400 kW project in Durban, a 135kW system for Schindler, and a 1.5MW solar plant.
In a bid to accelerate clean energy projects by taking out capital investment decisions for businesses, Candi Solar, a Switzerland-based firm operating in Africa and Asia, has secured $38 million in equity capital.
These funds obtained from Norfund ($20m), STOA ($14.5m) and Kyuden International ($3.5m) will be divided equally between the Asian and African markets, with $19 million allocated specifically for Africa. In South Africa, Candi Solar plans to deploy approximately 100 MW of capacity.
Philippe Flamand, the director and co-founder of Candi Solar, disclosed that they invest in the business upfront and get paid per kilowatt delivered. Furthermore, he explained that the company’s strategy in South Africa has shifted from cost savings to addressing critical issues such as load shedding.
Expressing optimism for Candi Solar’s growth in the market, Flamand added, “When we started in South Africa, load shedding was not a big topic. The load-shedding story is still a challenge to market participants like businesses, but it’s creating an opportunity for us.
“We expect electricity prices to rise, creating an opportunity for us to offer solar as a solution and accelerate the use of clean, more sustainable energy one rooftop at a time.”
About Candi Solar
Candi Solar is a renewable energy firm that specialises in commercial and industrial (C&I) solar projects, mainly rooftop and behind the meter. The company is propelling multiple projects in South Africa, including a 400 kW project at Kings Park Stadium in Durban, a 135 kW system for Schindler, and a 1.5 MW solar plant at a timber mill.
The firm recently connected the first phase of Datang Group’s 100 MW/200 MWh sodium-ion energy storage project in Qianjiang, Hubei Province, to the grid.
Candi Solar has invested in advanced technologies such as remote monitoring, artificial intelligence, and machine learning, so it can manage its distributed portfolio more effectively. Looking ahead, the company is optimistic about its growth prospects across Africa.