Candi Solar AG

Investment name: Candi Solar AG

Status: Approved investment

Total ElectriFI Financing: USD 3 m

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 plans to expand its activities in Africa.

Funding objective and impact:

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:

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 proving the scalability of the business model and its replicability in Sub Saharan Africa.

Environmental and Social Rationale:

This investment is categorized as B.

Activities entail limited 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 EHS risks and associated impacts.