Candi Solar secures $38 million to support clean energy in Africa and Asia – pv magazine International

July 9, 2024 Cosmas Mwirigi

Candi Solar, a Swiss company with operations in Asia and Africa, has raised $20 million in seed 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 it with debt providers to amplify the impact of the equity investment,” said Philippe Flamand, CEO and co-founder of Candi Solar pv magazine.

The funds will be split equally between Asian and African markets, with $19 million specifically earmarked for Africa. In South Africa, Candi Solar plans to deploy around 100 MW of capacity.

“We’re helping to accelerate the clean energy wave by making capital investment decisions for companies,” Flamand said. “We invest in the company up front and get paid for every kilowatt that’s delivered.”

He said the young company is taking a phased strategic approach. He noted that in Africa, solar power is often combined with batteries.

Candi Solar specialises in commercial and industrial (C&I) solar projects, mainly rooftop and behind-the-meter. Flamand cited a number of projects in South Africa, including a 400kW project at Kings Park Stadium in Durban, a 135kW system for Schindler and a 1.5MW solar plant at a sawmill.

The company’s strategy in South Africa shifted from cost savings to solving critical problems, such as power outages. “When we started in South Africa, power outages weren’t a big deal,” he explained.

Candi Solar has invested in advanced technologies such as remote monitoring, artificial intelligence and machine learning to manage its distributed portfolio more effectively.

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“A lot of people jumped in because of the blackouts, trying to take advantage of the panic buying mentality of the last 18 months, which made the market noisy,” Flamand said. “The market has matured and consumers are becoming more discerning because these are investments for 20 to 30 years of infrastructure.”

Looking to the future, Flamand expressed optimism about Candi Solar’s ​​growth prospects in Africa.

“The history of power outages continues to be a challenge for market participants like companies, but it presents us with an opportunity,” he said. “We expect electricity prices to rise, which presents us with an opportunity to offer solar as a solution and accelerate the adoption of clean, more sustainable energy, one roof at a time.”