Candi Solar Secures an additional $18 Million

Zurich, October 10, 2024 – Candi Solar, a leading clean energy company specialising in distributed solar power solutions for commercial and industrial (C&I) clients, has secured an additional USD 18 million in debt funding from a climate fund managed by responsAbility Investments AG, the leading Swiss impact asset manager, and BIO, the Belgian Investment Company for Developing Countries. This brings the total committed debt facility to USD 42 million, marking another significant milestone in Candi’s mission to transform energy access in emerging markets.

The investment reinforces Candi Solar’s position as a trusted partner for businesses in India and South Africa seeking sustainable energy solutions. The additional funding will be directed towards scaling the company’s renewable energy portfolio, enabling the development of new solar projects across both regions. With a flexible multi-currency structure, the loan will facilitate growth while dynamically adapting to the evolving needs of Candi’s project pipeline.

 Suryalakshmi Cotton Mills, India

Expanding impact across India and South Africa

Candi Solar’s reach across 17 states and 2 union territories in India, alongside 8 provinces in South Africa, underscores the company’s strong market presence. The debt facility will further drive geographic expansion, allowing Candi to cater to a broader range of businesses seeking sustainable energy alternatives.

Driving clean energy growth in emerging markets

“We are delighted to continue our partnership with responsAbility and BIO, who have played a crucial role in enabling our growth trajectory,” said Bruno Rauis, Director at Candi Solar. “This USD 18 million debt funding will allow us to accelerate our expansion in India and South Africa, helping businesses access affordable clean energy and supporting our goal of becoming a premier player in every market we operate in.”

Since its inception, Candi Solar has pioneered end-to-end customised solar solutions, from finance to engineering to performance management for C&I clients. Candi offers tailored contracts, including both on-balance sheet and off-balance sheet models, that reduce risk while delivering grid independence, high savings on electricity bills, and the ability to take advantage of tax incentives. All the risks, including financial, construction, operations, and performance risks, are carried by Candi Solar, giving businesses peace of mind and allowing them to focus on their core business.

Continued confidence from impact investors

“Our investment in Candi Solar aligns with our mission to mobilise capital and invest in emerging markets, aiming to achieve financial returns while generating a positive societal and environmental impact. By supporting Candi’s growth, we advance sustainable energy access in India and South Africa, reflecting our vision of a sustainable world with opportunities for all,” said Camille Fronville, Investment Officer at responsAbility.”

Gilles Dossogne, Investment officer at BIO, echoed this sentiment: “Candi’s track record in India and South Africa showcases the critical role solar energy plays in reducing greenhouse gas emissions and empowering local SMEs. We are proud to partner with them on this journey towards a more sustainable future.”

 Mooikloof Office Park East, South Africa

About Candi Solar

Candi Solar is a pioneering company specialising in highly customised, financially attractive, and risk-free solar power solutions, managed end-to-end, so our commercial and industrial clients can transition to solar energy with confidence and peace of mind.

Leveraging its expertise as a Solar engineer, financier, and operator, Candi Solar has distinguished itself as a leader in the field. With 143 installations across South Africa and India, Candi Solar has an installed capacity of over 110 MW while mitigating an estimated 104,436 tons of CO2-equivalent emissions annually since its inception in 2018.

A trusted partner for businesses looking for sustainable energy solutions, Candi Solar’s impressive portfolio includes projects in South Africa, such as Kings Park Stadium HQ, Schneider Electric, Pick ‘n Pay, and Toyota. It also includes Bracken Timbers, whose Candi Solar solution has already generated R3 million in savings in three years, and Airtel and Jindal Saw in India, where the company was recently ranked among the Top 5 rooftop solar developers.  

This success has inspired global investor confidence. Candi Solar recently secured a substantial $38 million in equity investment from Norfund, Kyuden International and STOA to fund its growth and finance an additional 200 MW of commercial and industrial solar projects.

This propels Candi Solar closer to emerging as the premier rooftop solar player in the commercial and industrial space. It accelerates its purpose of powering a more sustainable planet, one rooftop at a time.

For more information about Candi Solar and its innovative clean energy solutions, please visit us at www.candi.solar

About responsAbility Investments AG

responsAbility Investments AG is a leading impact asset manager specialising in private market investments across three investment themes. These themes directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. All responsAbility investment solutions target specific measurable impact alongside market returns.

Since its inception in 2003, responsAbility has deployed over USD 15.3 billion in impact investments. With over 270 employees collaborating across 8 offices, as of 30 June 2024, the company manages USD 5.0 billion in assets across approximately 280 portfolio companies in around 70 countries. Since 2022, responsAbility has been part of M&G plc, the international savings and investments business, and contributes to enhancing M&G’s capabilities in impact investing.

About BIO

BIO is a Development Finance Institution established in 2001 by the Belgian Development Cooperation to support private sector growth in developing countries. BIO provides long-term financing to enterprises, the financial sector, and private infrastructure projects, as well as grants for feasibility studies and technical assistance programmes. BIO operates as an additional partner to the financial institutions and looks for projects with a balance between return on investment and development impact. BIO has over EUR 1 billion of assets under management and is a member of EDFI (European Development Finance Institutions).

      Kings Park Stadium, South Africa

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