candi solar AG ( Follow on)

candi solar AG ( Follow on)


PENDING CONTRACTING: the investment proposal has received final approval and now is entering into the contracting phase. The information as disclosed is thus indicative and provides a basis for general informational purposes only. It should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing, prior to final decision. This proposed investment is online for 30 days. In case of questions, please contact us at

Investment name: candi solar AG

Publication date: 16 March 2021

Region: Asia

Country: India

Sector: Solar PV


Total ElectriFI Financing: USD 2m (approx 1.68m EUR)

Environmental and Social Category: B

(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Project overview:

Candi Solar is a company developing and operating small to medium size photovoltaic solar systems for SMEs in India and South Africa and plans to expand its activities in Africa.

Funding objective:

ElectriFI’s funding will contribute to finance the expansion of the 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.

Why ElectriFI wants to fund this project:

Lack of access to an affordable, reliable and clean source of energy continues to hold back the development of SME’s in India and in sub- Saharan Africa. By joining the funding round, ElectriFI will contribute to  the scalability of the business model and its replicability in sub-Saharan Africa.

Environmental and Social Rationale:

This investment is categorized as B.

Activities come with potential limited adverse risks associated with waste management and labour conditions.

IFC Performance Standards 1 to 3 may be triggered. The company has in place (and will improve further) adequate procedures to address any potential risks and associated impacts.

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