Candi Solar, a Switzerland-based renewable energy company with a strong presence in Asia and Africa, has recently secured $38 million in equity funding to accelerate its expansion in these markets. This significant investment highlights the growing demand for clean energy solutions in emerging economies and Candi Solar’s promising position in the sector.
The funding round attracted investments from several prominent backers. Norfund, the Norwegian Investment Fund for developing countries, contributed $20 million, while STOA, a French impact investor, invested $14.5 million. Kyuden International, the global arm of Japan’s Kyuden Group, also participated with a $3.5 million investment.
Candi Solar’s director and co-founder, Philippe Flamand, stated that the funds will be evenly distributed between Asian and African markets, with $19 million specifically allocated for Africa. The company has ambitious plans to deploy approximately 100 MW of capacity in South Africa alone.
Candi Solar focuses on commercial and industrial (C&I) solar projects, primarily rooftop and behind-the-meter installations. The company has already completed several notable projects in South Africa, including a 400 kW system at Kings Park Stadium in Durban, a 135 kW installation for Schindler, and a 1.5 MW solar plant at a timber mill.
“We help accelerate the wave of clean energy by taking out capital investment decisions for businesses,” Flamand explained. “We invest in the business up front and get paid per kilowatt delivered.”
Candi Solar’s business model has evolved in response to the growing energy challenges faced by businesses in South Africa. Initially focused on cost savings, the company now prioritizes addressing critical issues like load shedding, a persistent problem in the country.
“When we started in South Africa, load shedding was not a big topic,” Flamand noted. “The market has matured, and consumers are becoming more discerning because these are investments for 20 to 30 years of infrastructure.”
To manage its expanding portfolio effectively, Candi Solar has invested in advanced technologies such as remote monitoring, artificial intelligence, and machine learning. Flamand expressed optimism about the company’s growth prospects in Africa, citing the ongoing load-shedding challenges as a significant driver of demand for solar solutions.
“The load-shedding story is still a challenge to market participants like businesses, but it’s creating an opportunity for us,” he stated. “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.”
With this substantial funding round and a clear strategy for growth, Candi Solar is well-positioned to play a leading role in the renewable energy transition in Africa.