Solar Firm Gets $38m for Solar Energy Projects in Africa
Candi Solar, a clean energy firm specializing in distributed solar solutions, has successfully closed a $38 million Series C funding round aimed at accelerating the adoption of renewable energy for businesses in Africa and Asia. The significant capital injection was led by Norfund, which contributed $20 million, alongside STOA Infra & Energy ($14.5 million) and Kyuden International ($3.5 million). This equity is set to be strategically leveraged to bring clean, reliable power to emerging markets.
The funds will be divided equally between the company’s Asian and African operations, earmarking $19 million specifically for expansion on the African continent. According to co-founder and director Philippe Flamand in a recent announcement, “This is equity capital raised in this round, and there is an opportunity to leverage this with debt providers to extend the impact of the equity investment.” A primary focus will be South Africa, where the company plans to deploy approximately 100 MW of solar capacity.
An Innovative Model for a Challenging Market
Candi Solar addresses the African energy market’s challenges, particularly South Africa’s persistent load shedding, by removing the primary barrier to adoption: high upfront costs. “We help accelerate the wave of clean energy by taking out capital investment decisions for businesses,” Flamand explained. The company finances the initial investment for commercial and industrial (C&I) clients, who then pay on a per-kilowatt-hour basis for the energy delivered. This model has proven effective, with notable projects including a 1.5 MW plant at a timber mill, a 400 kW system at Durban’s Kings Park Stadium, and a 135 kW installation for Schindler.
While Flamand acknowledges the market has been chaotic, he notes a shift from panic buying to more discerning long-term investment decisions. “The load-shedding story is still a challenge to market participants like businesses, but it’s creating an opportunity for us,” he said. Candi Solar enhances the reliability of its commercial solar power systems by often pairing them with battery storage, offering a resilient solution to grid instability.
Technology and Future Growth
To optimize its distributed energy portfolio, Candi Solar utilizes advanced technologies, including AI, machine learning, and remote monitoring, ensuring peak performance and reliability across its installations. With electricity prices expected to rise, the company sees a growing opportunity to position solar as the go-to solution for sustainable and affordable energy.
This $38 million funding round positions Candi Solar to significantly expand its footprint, continuing its mission to empower businesses in emerging markets with clean energy. By deploying innovative financing and cutting-edge technology, the company is set to play a pivotal role in the renewable energy transition across Africa and Asia, one rooftop at a time.
Sources
- Africa’s biggest solar, battery facility reportedly begins operations
- Candi Solar Secures $38 Million to Expand Solar Power in Africa …
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- Candi Solar secures $38 million funding to accelerate clean energy …
