Candi raises $38m to supply solar energy to South African businesses

The $38 million financing was raised as part of a round of financing led by Norwegian investor Norfund ($20 million), France’s STOA Infra & Energy and Japanese energy company Kyuden International Corporation. The aim of Candi Solar’s financing is to continue developing its activities in Africa and Asia.

The Swiss company finances and installs ground-mounted and rooftop photovoltaic solar power plants, which it then leases to commercial and industrial (C&I) customers. “To accelerate the decarbonisation of electricity production, we are convinced of the need to encourage the development, alongside these large capacities, of small renewable electricity production units close to commercial and industrial activities. The solutions developed by Candi democratise access to solar energy for small and medium-sized enterprises (SMEs)”, explains Marie-Laure Mazaud, Managing Director of STOA Infra & Energy, which is making its second investment in Candi.