Pentagreen Capital and Candi Solar have signed a US$50 million financing partnership. The facility will back about 400 megawatts peak of solar and battery storage projects in India. Candi Solar develops distributed clean energy systems for commercial and industrial businesses.
Project scope and impact
The partnership will finance rooftop, ground-mounted, and open-access solar installations paired with battery storage. The projects are expected to generate 560 gigawatt hours of renewable energy per year. They would serve 227 commercial and industrial customers, 78% of which are small and medium enterprises.
Candi Solar background
Candi Solar was founded in 2018 and is based in Zurich. It serves commercial and industrial customers in India and South Africa. The company has contracted more than 340 megawatts across over 185 installations.
How the model works
Under Candi's turnkey shared-value model, customers pay only for the clean energy generated. The company carries out engineering, construction, and long-term operational performance. This lets small and medium enterprises add solar without upfront capital expenditure.
The deal supports Candi's plan to more than double its total capacity to over 1 gigawatt within 24 months. It has already secured over US$200 million in cumulative capital from development finance institutions and infrastructure investors. The company plans to bring clean energy to hundreds more businesses in India.