ResponsAbility and BIO provide funding to solar platform
ResponsAbility Investments, the Swiss impact investment manager, and BIO, the Belgian Investment Company for Developing Countries, have provided a $10 million equivalent multi-currency loan to Candi Solar, a visionary financial and clean energy platform through which distributed energy infrastructure in emerging markets can be built at scale. This loan will finance new solar projects in South Africa and India, mitigating climate change. The loan structure provides flexibility in terms of the allocation of funds between South Africa and India as well as in terms of the denomination currency, allowing Candi to dynamically align its funding profile with the growth of its portfolio.
Candi creates solar ownership models through innovative contractual solutions. By taking the best aspects of the standard power purchase agreement (PPA) model and marrying them with other advantageous elements, they provide simplicity, lower risk, and higher value. While the possibilities vary by region, Candi is able to use its localised expertise to propose solutions that are best suited for the customer and the context.
Matthew McShane, investment officer at ResponsAbility, said: “Through our investment in Candi we are supporting a fast-growing and dynamic company in the energy sector in South Africa and India. We strongly believe in the potential of the commercial & industrial sector, which is at the core of our investment strategy. We are also pleased to partner with BIO on this transaction to enable further growth and impact opportunities.”
Hardol Grisar, infrastructure investment officer at BIO, commented: “This investment is a premiere for BIO within the commercial & industrial distributed energy sector. Candi Solar is a partner of choice with a genuine entrepreneurial spirit, and a highly skilled staff.”
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