The Energy Entrepreneurs Growth Fund (EEGF) has recently invested in candi solar, a visionary solar energy and clean energy financier for commercial and industrial (C&I) businesses in South Africa and India. The company has been in operation since 2018, initially in India and, since late 2019, in South Africa. Through its local presence in both geographies, candi aims to provide simple and efficient solutions for companies to take advantage of solar energy and gain both a more reliable and sustainable source of energy, enabling energy infrastructure in emerging markets to be built at scale. As of March 2022, candi had a contracted capacity of over 33 MWp, with 17 projects across South Africa.
Over the period 2022-2024, candi aims to cumulatively reach 13,900 beneficiaries via over 1,400 solar installations, offsetting 108,563 tons of CO2eq (impact projections based on estimates modeled by Triple Jump). The company also implements battery storage solutions and is exploring expansion into additional sub-Saharan African countries.
EEGF invested through a convertible loan, which will be instrumental in supporting the company’s strong growth momentum and will allow candi to continue financing projects across South Africa prior to the close of its Series B equity round. The convertible loan is expected to provide additionality by enabling candi to access further capital.
The Energy Entrepreneurs Growth Fund (EEGF) was created in 2019 by Shell Foundation and FMO to make a critical contribution to the access to the energy sector whilst addressing climate change. Managed by Triple Jump and advised by Persistent, EEGF provides tailored mezzanine, equity, and debt investments combined with technical assistance to early and growth-stage companies in the access to energy ecosystem in Sub-Saharan Africa.