Philippe Flamand, director and co-founder of Candi Solar, explains pv magazine about the company’s recent $38 million funding round and its plans to deploy renewable energy sources in emerging markets.
Candi Solar, a Swiss-based company with operations in Asia and Africa, has secured $20 million in equity from Norfund, $14.5 million from STOA and $3.5 million from Kyuden International.
“This is equity raised in this round, and there is an opportunity to leverage this with creditors to increase the impact of the equity investment,” Philippe Flamand, the director and co-founder of Candi Solar, told me. pv magazine.
The funds will be split equally between the Asian and African markets, with $19 million allocated specifically for Africa. In South Africa, Candi Solar plans to deploy approximately 100 MW of capacity.
“We help accelerate the clean energy wave by making capital investment decisions for companies,” said Flamand. “We invest in the company upfront and get paid per kilowatt delivered.”
He said the young company is taking a phased strategic approach. He noted that solar energy in Africa is often combined with batteries.
Candi Solar specializes in commercial and industrial (C&I) solar energy projects, mainly on roofs and behind the meter. Flamand mentioned several projects in South Africa, including a 400 kW project at Kings Park Stadium in Durban, a 135 kW system for Schindler and a 1.5 MW solar power plant at a sawmill.
The company’s strategy in South Africa has shifted from cost savings to addressing critical issues such as tax elimination. “When we started in South Africa, load shedding wasn’t a big topic,” he explains.
Candi Solar has invested in advanced technologies such as remote monitoring, artificial intelligence and machine learning so it can manage its distributed portfolio more effectively.
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“A lot of people jumped in because of the load shedding, trying to take advantage of the panic buying mentality of the last 18 months, which has made it a noisy market,” Flamand said. “The market has become more mature and consumers are becoming more critical because these are investments for twenty to thirty years of infrastructure.”
Looking ahead, Flamand expressed optimism about Candi Solar’s growth prospects across Africa.
“The load shedding story is still a challenge for market participants such as companies, but it creates opportunities for us,” he said. “We expect electricity prices to rise, giving us the opportunity to offer solar as a solution and accelerate the use of clean, more sustainable energy one roof at a time.”
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