Candi Solar, a Switzerland-based company with operations in Asia and Africa, has secured $20 million of equity capital from Norfund, $14.5 million from STOA, and $3.5 million from Kyuden International.
“This is equity capital raised in this round, and there is an opportunity to leverage this with debt providers to extend the impact of the equity investment,” Philippe Flamand, the commercial director and co-founder of Candi Solar, told pv magazine.
The funds will be divided equally between Asian and African markets, with $19 million allocated specifically for Africa. In South Africa, Candi Solar plans to deploy approximately 100 MW of capacity.
“We help accelerate the wave of clean energy by taking out capital investment decisions for businesses,” said Flamand. “We invest in the business up front and get paid per kilowatt delivered.”
He said the young company is taking a phased strategic approach. He noted that in Africa, solar is often coupled with batteries.
Candi Solar specializes in commercial and industrial (C&I) solar projects, mainly rooftop and behind the meter. Flamand mentioned multiple projects in South Africa, including a 400 kW project at Kings Park Stadium in Durban, a 135 kW system for Schneider Electric, and a 1.5 MW solar plant at a timber mill.
The company's strategy in South Africa has shifted from cost savings to addressing critical issues such as load shedding. “When we started in South Africa, load shedding was not a big topic,” he explained.
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.
“A lot of people have jumped in because of load shedding, trying to take advantage of the panic buying mentality over the last 18 months, making it a noisy market,” said Flamand. “The market has matured, and consumers are becoming more discerning because these are investments for 20 to 30 years of infrastructure.”
Looking ahead, Flamand expressed optimism about Candi Solar's growth prospects across Africa.
“The load-shedding story is still a challenge to market participants like businesses, but it's creating an opportunity for us,” he said. “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.”
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