The Capital Quest | Candi attracts new impact investor for solar projects in India and Africa

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Candi Solar has raised new funds from a series of impact investors to finance new solar projects in India and Africa, particularly in South Africa, with the aim of reaching 800 MWp of solar capacity in six years .

Candi, a clean energy and finance platform seeking to build distributed energy infrastructure in emerging markets, said it closed a Series B funding round. It did not disclose the amount.

STOA, an impact investor in large-scale infrastructure and energy projects in emerging and developing countries, led the round. Energy Entrepreneurs Growth Fund, managed by Triple Jump, and most existing shareholders, including renewable energy specialist Gaia Impact Fund, also participated in the round.

French impact investor Gaia had reinvested in Candi last June. He invested an additional $1 million in the venture after initially backing the company in November 2018.

Earlier this year, Swiss impact investor responsAbility and the Belgian Investment Company for Developing Countries, or BIO, provided Candi $10 million in multi-currency debt financing to fund new solar projects in Africa. of the South and in India.

Marie-Laure Mazaud, CEO of STOA, said that this investment confirms STOA’s appetite for the distributed solar sector, i.e. small-scale solar power plants located close to customers, which are by nature quick to install and adapted to their needs.

“STOA’s belief is that deploying behind-the-meter solutions is as important as installing traditional utility-scale projects, in our shared goal of achieving democratization of renewable energy and ultimately combat climate change,” said Mazaud.

Launched five years ago by Caisse des Dépôts and the French Development Agency, STOA is an impact investor in infrastructure and energy in emerging markets.

Founded in 2017, Candi is headed by Philippe Flamand, a former investment banker at Morgan Stanley and Goldman Sachs who switched to renewable energies with SUSI Partners.

The company’s operations in South Africa and India are led by Guy Rice and Nishant Sood respectively. Candi has already contracted 40 MWp of solar capacity in India and South Africa and is now considering a major scale-up.

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