Amsterdam, 12th of February 2025 – The Energy Entrepreneurs Growth Fund (EEGF) has expanded its investment in Candi Solar, a solar energy and clean energy installer, financier, and operator for commercial and industrial (C&I) businesses in South Africa and India.
Candi is a leading player in the C&I segment, offering end-to-end solar and battery solutions for “missing middle” SMEs – those between residential and utility-scale – in India and South Africa. Alongside its products, Candi offers innovative financing models, enabling its clients to adopt solar power without upfront capital investment or any performance or operational risks. This removes a major barrier for SMEs, making solar energy more accessible and cost-effective. As of December 2024, Candi had a contracted capacity of over 150MWp over 150 projects in South Africa and India.
By 2030, Candi aims to cumulatively reach an installed capacity of 1 GW, servicing over 1,000 businesses. The company is exploring expansion into additional sub-Saharan African countries.
EEGF provided a loan, which will support the company’s strong growth momentum and will contribute to further unlocking debt funding for Candi to continue financing projects across South Africa.
KJ Mahoney, Head of Capital Structuring, Candi Solar: “We are excited to deepen our partnership with EEGF—already a valued shareholder and now also a lender—through this debt facility. Their continued support, professionalism, and strong alignment with our vision have been instrumental in driving our growth. The swift and seamless execution of this transaction further underscores our shared commitment to accelerating the transition to clean energy. This investment fuels our momentum, enabling us to expand our solar and financing solutions for our clients. We look forward to continuing this collaboration to make sustainable energy more accessible to businesses.”
Mark van Doesburgh, Deputy Head Direct Investments Triple Jump: “We are excited to expand our cooperation with Candi as they continue to expand their end-to-end solar- and financing solutions for SMEs in India and South Africa. Candi has been a trusted partner and has been instrumental in enabling businesses in the markets it operates in to transition to clean, cost-effective solar power. We look forward to continuing our collaboration to drive our joint mission of improving access to clean energy.”
About EEGF
The Energy Entrepreneurs Growth Fund (EEGF) was initially led by Shell Foundation, in collaboration with FMO, the Dutch entrepreneurial development bank. Over time, it gained steadfast support from reputed development institutions like FinDev Canada, the Development Bank or Austria (OeEB), The Nordic Development Fund (NDF), the United States International Development Finance Corporation (DFC), and the African Development Bank (AfDB). Managed by Triple Jump and advised by Persistent, EEGF offers customized mezzanine, equity, and debt investments, along with technical assistance, to early and growth-stage companies in Sub-Saharan Africa’s energy sector. EEGF expands last-mile energy access in underserved regions of Sub-Saharan Africa and India, driving socio-economic development and a just energy transition. By leveraging diverse capital, primarily risk-taking debt like mezzanine, it scales high-potential energy enterprises, fostering sustainable growth and improved livelihoods.
About Triple Jump
Triple Jump is an impact-focused investment manager dedicated to creating positive change in emerging markets. Managing and advising on funds that generate both financial returns and social impact, Triple Jump operates across five key development themes: financial inclusion, SME finance, affordable housing, access to clean energy, and climate and nature. With a global presence and local expertise, the firm manages over €1 billion in assets, supporting projects that contribute to sustainable and inclusive financial sectors. Triple Jump has offices in Amsterdam, Nairobi, Lima, Mexico City, Tbilisi, and Bangkok.
About Persistent
Persistent is Africa’s Climate Venture Builder. Persistent is composed of impact-driven venture capitalists who are leading experts and pioneer investors in Africa climate tech. They invest in and build commercially successful businesses that address the climate crisis across energy, agriculture, mobility, and the circular economy.
About Candi Solar
Candi Solar is a pioneering company specialising in highly customised, financially attractive, and risk-free solar power solutions managed end-to-end, so our commercial and industrial clients can transition to solar energy with confidence and peace of mind.
Leveraging its expertise as a solar engineer, financier, and operator, Candi Solar has distinguished itself as a leader in the field, with 159 installations across South Africa and India, generating over 112 MW while mitigating an estimated 127,000 tons of CO2-equivalent emissions annually since its inception in 2018.
A trusted partner for businesses looking for sustainable energy solutions, Candi Solar’s impressive portfolio includes projects in South Africa, such as Kings Park Stadium HQ, Schneider Electric, Pick ‘n Pay, Hi-Tech Inks and Toyota, as well as Bracken Timbers, whose Candi Solar solution has already generated R3 million in savings, in 3 years; as well as Airtel and Jindal Saw in India, where Candi Solar was recently ranked among the Top 5 rooftop solar developers.
This success has inspired global investor confidence, with Candi Solar recently securing a substantial $38 million in equity investment from Norfund, Kyuden International and STOA to fund its growth and finance an additional 200 MW of business solar projects.
This propels Candi Solar closer towards emerging as the premier rooftop solar player in the commercial and industrial space and accelerates its purpose of powering a more sustainable planet, one rooftop at a time.
