Successful Kick-Start To Series B Fundraising
Zurich, 30 September 2021 - candi announces the successful placement of its convertible note offering, which experienced high traction with demand exceeding the maximum issuance amount of $4.2M. The round was led by a Swiss Private Bank and current shareholders.
“With its innovative business model, proven over the past years with outstanding growth in both India and South Africa, candi is at the forefront of leading the world’s move towards decentralised power generation,” said Tobias Ruckstuhl, Partner at Persistent. “As a venture builder, we provided candi with the very first capital believing in the combination of a world-class team and an immense untapped market opportunity.” In India alone, the government has set a target of 40 gigawatts of rooftop solar capacity to be installed by the end of 2022, while only 15% are developed to date.
Candi has positioned itself as a visionary financial and clean energy platform through which distributed energy infrastructure in emerging markets can be built at scale. Together with a double-digit million debt capital round, the proceeds of the notes are intended to fuel the company’s growth until Series B closing next year.
On the back of the convertible note placement, candi is now ready to launch its Series B fundraising efforts with new potential partners. The required growth capital will be invested to ramp up its client base, accelerate its natural progression towards energy storage and electric vehicle infrastructure as well as expand its geographical footprint in Africa and Asia.
To participate in our Series B funding contact Fabio Eucalipto, fabio@candi.solar
The challenge
Lower electricity costs
In 2025 alone, the system delivered:
R622,159
in electricity savings
1.4 GWH
of clean energy generated
1,800 TONNES
of CO₂ emissions avoided
The result is not only a more resilient operation, but a more cost-efficient and sustainable one too
One Successful Phase Deserves Another
The performance of the first phase gave Bracken Timbers the confidence to go further.
Following its success, the company approved an additional 540 kWp expansion. Once complete, the expanded system is expected to increase annual electricity savings to approximately R1.1 million, while covering even more of the sawmill's daytime energy needs.
Every time the power went out, production slowed. Delivery schedules became harder to maintain, customer commitments came under pressure, and the disruption extended far beyond the factory floor - to suppliers, customers and the company's 1,500-strong workforce.
The team explored generating electricity using its own wood waste, including sawdust and bark. While it was technically possible, building, operating and maintaining an energy plant would require specialist expertise outside its core business.
Bracken Timbers knew what it needed: a reliable energy solution and an experienced partner to make it happen.
The solution
Candi Solar designed and financed a 1.5 MWp solar installation through its Performance-Linked Instalment Sale (PLIS) model.
In simple terms, Bracken Timbers did not need to make a heavy upfront investment or take on the operational risk of managing a solar plant.
Instead, the business pays for the energy the system generates, while Candi takes responsibility for its performance, maintenance and long-term optimisation.
That means the Bracken Timbers team can remain focused on what it does best: producing quality structural timber - while its solar system gets on with producing reliable, more affordable energy.
The impact
Production Keeps Moving
The solar system was integrated with Bracken Timbers' existing backup generators, helping the sawmill continue operating for full nine-hour shifts during load shedding.
So, while grid interruptions continue to bring production to a halt for many manufacturers, Bracken Timbers can keep its mill running, stay on schedule and continue fulfilling customer orders.
Most importantly, this increased energy stability helps protect consistent employment for more than 1,500 people.
“
The partnership has delivered exactly what was promised. As the solar system operates over time, the financial and operational benefits will only continue to grow.
George Johnson,
Director, Sawmill & Charcoal,
Bracken Timbers
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