Swiss clean energy company Candi Solar has secured €44 million ($50 million) in financing from Pentagreen Capital. The company will use the funding to develop rooftop and ground-mounted solar projects, along with open-access solar installations combined with battery energy storage systems (BESS) across major business hubs in India.
The projects are expected to help prevent around 397,000 tonnes of carbon dioxide emissions every year.
Fabio Eucalipto, co-founder and Director of Candi Solar, said: “Millions of smaller businesses power India’s economy and drive its industrial growth. These companies should benefit from clean, reliable energy without the burden of mastering energy complexities or making major capital commitments.
“At Candi, we have spent years building a customer-first model to make this possible. By combining rooftop and ground-mounted open-access solutions with flexible financing, we can deliver tailored energy solutions at scale.”
Marat Zapparov, CEO of Pentagreen Capital added: “India’s growing energy demand and need to reduce oil imports make the transition to clean energy both a strategic and an economic priority. Pentagreen Capital, under Singapore’s FAST-P initiative, is honoured to partner with Candi, whose flexible solar and storage solutions are tailored to the needs of India’s SMEs. Together, we are unlocking finance for projects that make clean energy accessible to an underserved segment, help businesses stabilise their energy costs, and strengthen India’s energy security.”
Founded in Zurich in 2018, Candi Solar is a clean energy company that provides solar power and battery storage solutions to businesses. It focuses mainly on small and medium-sized businesses (SMEs) that have limited access to renewable energy. The company operates mainly in emerging markets such as India and South Africa.
Candi Solar aims to help businesses deal with unreliable electricity supplies, reduce power costs and lower carbon emissions. It provides solutions that allow companies to use clean energy without having to invest in their own solar infrastructure.
Under its business model, customers only pay for the clean electricity they use. Candi Solar takes care of the entire process, including system design, installation, construction and long-term maintenance. This allows businesses to save money and avoid large upfront investments.
The latest €44 million financing facility will support around 400 MWp of solar and battery storage projects across India. The investment will help more small and medium-sized businesses access renewable energy. Candi Solar says this segment remains underserved, despite contributing 31% of India’s GDP and 35% of its manufacturing output.
The financing will support rooftop and ground-mounted solar projects, as well as open-access solar installations combined with battery energy storage systems (BESS). These projects will be developed across major business hubs in India to help commercial and industrial companies access reliable and affordable clean electricity.
Once completed, the projects are expected to generate around 560 gigawatt hours (GWh) of renewable electricity every year. They will support 227 commercial and industrial customers, with SMEs making up 78% of them. The projects are also expected to prevent approximately 397,000 tonnes of carbon dioxide emissions annually.
