Candi Solar secures an additional USD 18 Million in debt funding from responsAbility and BIO to accelerate solar energy expansion in India and South Africa

Zurich, 10 October 2024 – Candi Solar, a leading clean energy company specialising in distributed solar power solutions for commercial and industrial (C&I) clients, has secured an additional USD 18 million in debt funding from a climate fund managed by responsAbility Investments AG, the leading Swiss impact asset manager, and BIO, the Belgian Investment Company for Developing Countries. This brings the total committed debt facility to USD 42 million, marking another significant milestone in Candi’s mission to transform energy access in emerging markets.

The investment reinforces Candi Solar’s position as a trusted partner for businesses in India and South Africa seeking sustainable energy solutions. The additional funding will be directed towards scaling the company’s renewable energy portfolio, enabling the development of new solar projects across both regions. With a flexible multi-currency structure, the loan will facilitate growth while dynamically adapting to the evolving needs of Candi’s project pipeline.

Expanding impact across India and South Africa

Candi Solar’s reach across 17 states and 2 union territories in India, alongside 8 provinces in South Africa, underscores the company’s strong market presence. The debt facility will further drive geographic expansion, allowing Candi to cater to a broader range of businesses seeking sustainable energy alternatives.

Driving clean energy growth in emerging markets

“We are delighted to continue our partnership with responsAbility and BIO, who have played a crucial role in enabling our growth trajectory,” said Bruno Rauis, Director at Candi Solar. “This USD 18 million debt funding will allow us to accelerate our expansion in India and South Africa, helping businesses access affordable clean energy and supporting our goal of becoming a premier player in every market we operate in.”

Since its inception, Candi Solar has pioneered end-to-end customised solar solutions, from finance to engineering to performance management for C&I clients. Candi offers tailored contracts, including both on-balance sheet and off-balance sheet models, that reduce risk while delivering grid independence, high savings on electricity bills, and the ability to take advantage of tax incentives. All the risks, including financial, construction, operations, and performance risks, are carried by Candi Solar, giving businesses peace of mind and allowing them to focus on their core business. 

Continued confidence from impact investors

“Our investment in Candi Solar aligns with our mission to mobilise capital and invest in emerging markets, aiming to achieve financial returns while generating a positive societal and environmental impact. By supporting Candi’s growth, we advance sustainable energy access in India and South Africa, reflecting our vision of a sustainable world with opportunities for all,” said Camille Fronville, Investment Officer at responsAbility.”

Gilles Dossogne, Investment officer at BIO, echoed this sentiment: “Candi’s track record in India and South Africa showcases the critical role solar energy plays in reducing greenhouse gas emissions and empowering local SMEs. We are proud to partner with them on this journey towards a more sustainable future.”