Candi solar obtains fresh funds from STOA Impact Fund

Zurich-based candi solar AG, providing solar power to commercial and industrial customers, has closed its series B financing round led by STOA impact fund. The investment will allow the startup to finance new solar projects in India and Africa, particularly South Africa, with the aim to reach 800 MWp of solar capacity installed by 2028.

Cleantech startup candi solar AG developed unique contractual and financial innovations to allow customers that have been historically underserved by the solar market, notably the small and medium-sized enterprises, to generate their power from cleaner and more reliable energy. By operating in countries where electricity production is heavily carbon-based, the systems deployed by candi could mitigate the emission of 250,000 tCO2e per year on average over the next 6 years.

The company has already contracted 40 MWp of solar capacity in India and South Africa and has demonstrated its ability to build a scalable platform that offers tailored solutions to its customers. By 2028, the company aims to have reached 800 MWp of solar capacity.

Following the successful placement of its convertible loan offering one year ago, candi chose STOA Impact Fund as its preferred partner for closing its series B financing round. As lead investor, STOA, one of the largest infrastructure-focused equity investors in emerging countries, brings in-depth corporate, financial and ESG expertise to structure a transaction that meets all parties’ needs.

In this financing round, STOA has been joined by the Energy Entrepreneurs Growth Fund and most existing shareholders, notably the renewable energy specialist Gaia Impact Fund

Regarding the transaction, Marie-Laure Mazaud, CEO of STOA, noted, “This investment confirms STOA’s appetite for the distributed solar sector, i.e. small-size solar power plants located close to the customers, which are by nature quick to install and fit-for-purpose. STOA’s conviction is that deploying behind-the-meter solutions is as important as installing traditional utility-scale projects, in our common goal to democratise renewable energy and ultimately fight climate change. In addition, we have been impressed by the founders’ capacity to build a world-class international team able to constantly remain at the forefront of new technical, financial and contractual solutions to keep pace with the evolving market for distributed power generation and are thrilled to engage in this journey with them.”

Fabio Eucalipto, Finance Director at candi says, “In STOA, we found a partner that not only shares our values but is also strongly aligned with our company’s purpose of powering a more sustainable planet, one rooftop at a time. We would also like to thank our existing stakeholders for their strong ongoing support. The closing of this round catapults our company into the next stage of growth, which foresees investing more than USD 100 million into solar assets by 2024.”

(Press release/ran)
Photo: Stoa