Candi obtains CHF 2.68 million to grow its customer base among Indian SMEs

Candi is developing a comprehensive solution for financing, building and operating solar solutions for SMEs in emerging markets such as India and South Africa. The company is now able to further expand its customer base in India, thanks to a capital injection of CHF 2.68 million from EDFI ElectriFI.

Demand for affordable renewable energy solutions for SMEs remains high in India. In spite of the recent progress, the market is still suffering from a lack of suitable financial solutions and back up from traditional finance, particularly amongst SMEs.

Here candi comes in. With its headquarters in Zurich, candi offers a distinctive set of tools, including simplified contracts, innovative software solutions and streamlined credit checks, to reduce deployment timelines, compress transaction costs and manage credit quality effectively. As a result, candi can structure offerings for SMEs that deliver guaranteed savings against the grid, cut overall electricity costs, transfer ownership of solar assets and enable SMEs to inject savings back into their business.

The company is currently focusing on two emerging markets; India and South Africa. The newly obtained investment from EDFI ElectriFI (Electrification Financing Initiative) will allow candi to expand its customer base in India and deploy up to 36 MW of photovoltaic solar modules. This system will run under a “save-to-own” power purchase agreement over the next two years, allowing customers to own the plant for free at the end of the contract period.

EDFI ElectriFI invested EUR 2,68m junior debt in candi, EDFI ElectriFI is an EU-funded impact investment facility, financing in early stage private companies active on- and off-grid in emerging markets.

“We are very excited to partner with candi, an ambitious impact-focused early-stage company with a strong management team. Our facility will contribute to candi’s path to profitability while being highly catalytical to future senior debt. Another great addition to our portfolio of investee companies,” explained Jean-Denis Collin, Regional Manager for EDFI ElectriFI at EDFI Management Company.

(Press release/RAN)