Candi Solar, a leader in distributed solar power solutions for the commercial and industrial (C&I) sectors, has raised an additional USD 18 million in debt funding from responsAbility Investments AG, the Swiss impact asset manager, and the Belgian Investment Company for Developing Countries (BIO). This new financing brings Candi Solar’s total committed debt facility to USD 42 million, reinforcing its expansion efforts in India and South Africa.
The fresh capital will enable Candi Solar to broaden its renewable energy portfolio, advancing the company’s mission to enhance clean energy access in emerging markets. The loan is structured with a flexible, multi-currency mechanism, allowing the firm to adapt to the evolving needs of its project pipeline. This funding, sourced from a climate-focused fund managed by responsAbility and BIO, marks a significant milestone for Candi Solar as it scales operations in two key markets.
Candi Solar’s operations span 17 states and two union territories in India, as well as eight provinces in South Africa. The new debt facility will further fuel the company’s geographic expansion, positioning Candi to meet growing demand from businesses seeking sustainable, cost-effective energy alternatives in both regions.
Bruno Rauis, Director at Candi Solar, commented on the funding, stating, “This USD 18 million debt funding will accelerate our expansion in India and South Africa, helping businesses access affordable clean energy. It strengthens our position as a premier player in every market we operate in.”
Candi Solar specializes in offering end-to-end solar energy solutions, managing the entire process from financing to performance management for its C&I clients. The company’s tailored contracts, designed to reduce financial and operational risks for businesses, ensure grid independence and significant savings on electricity bills, while enabling clients to benefit from available tax incentives. Candi carries all project-related risks, giving companies peace of mind as they transition to solar power.
Camille Fronville, Investment Officer at responsAbility, highlighted the strategic importance of the investment: “Our partnership with Candi aligns with our mission to mobilize capital in emerging markets. By supporting Candi’s growth, we are advancing sustainable energy access in India and South Africa, in line with our broader vision of driving positive environmental and societal impact.”
Gilles Dossogne, Investment Officer at BIO, echoed these sentiments, underscoring the importance of Candi Solar’s work in mitigating greenhouse gas emissions. “Candi’s success in both India and South Africa demonstrates the critical role solar energy can play in reducing carbon footprints while empowering local SMEs. We are proud to be part of their journey toward a more sustainable future.”
Since its inception in 2018, Candi Solar has established itself as a major player in the solar energy sector, with a portfolio of 143 installations across South Africa and India. These projects represent an installed capacity of over 110 megawatts (MW), helping to offset an estimated 104,436 tons of CO2-equivalent emissions annually. Candi’s clients include prominent companies such as Kings Park Stadium HQ, Schneider Electric, Pick n Pay, and Toyota in South Africa, and Airtel and Jindal Saw in India.
Candi Solar’s strong track record has drawn significant investor confidence. The company recently secured $38 million in equity funding from investors including Norfund, Kyuden International, and STOA, which will support the development of an additional 200 MW of solar projects. With this fresh capital, Candi Solar aims to cement its leadership position in the C&I solar market while continuing to advance its mission of fostering sustainable energy solutions.
responsAbility Investments AG is a global impact asset manager focused on private market investments that align with the United Nations Sustainable Development Goals (SDGs). Since its founding in 2003, the company has invested over USD 15.3 billion across sectors such as climate finance, financial inclusion, and sustainable food production. responsAbility, which manages USD 5 billion in assets, has been part of the M&G plc group since 2022.
BIO, the Belgian Investment Company for Developing Countries, is a Development Finance Institution established to support private sector growth in emerging markets. BIO provides long-term financing to enterprises and infrastructure projects in developing countries, aiming to strike a balance between financial returns and development impact. With over EUR 1 billion in assets under management, BIO is a key player in fostering economic growth through sustainable investments.
This new round of debt funding solidifies Candi Solar’s capacity to continue providing innovative solar solutions that meet the growing energy demands of businesses in India and South Africa, while contributing to the broader global effort to transition to cleaner, more sustainable energy sources.