candi solar AG

Country

India

Technology

Solar PV

Business model

CPP

Investment name: candi solar AG

Contract signature date: Oct 2020

Region: Asia

Country: India

Sector: PV Solar

Website: https://www.candi.solar/

Total ElectriFI financing: USD 3m (EUR 2.68m)

Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Project overview:

candi is a company that finances, builds and operates solar systems for SMEs in India and South Africa, whereby the aim is to help customers improve their bottom line while at the same time creating a positive environmental impact.

Funding objective:

EDFI 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, EDFI ElectriFI will contribute proving the scalability of the business model and its replicability in sub-Saharan Africa.

Environmental and social rationale:

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

The company is developing ESG policies and procedures to adequately address any potential risks and associated negative impact linked to the core business activities. IFC Performance Standards 1 to 3 may be triggered.