New Delhi, Nov. 28 -- Green energy company Candi Solar, which operates in India and Africa, has raised $58.5 million in debt capital in a round led by International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group.
The Switzerland-headquartered company said in a release that the syndicated debt facility is its biggest till date, taking the total capital raised by Candi Solar till date to $200 million.
The company said that the financing will be used to expand operations across India and South Africa. A company spokesperson told VCCircle that two-thirds of the amount will go toward funding projects in India.
According to the release, up to $42 million will be lent by IFC from its Managed Co-lending Portfolio Program (MCPP) while up to $6.5 million will come from the Canada-IFC Blended Climate Finance Platform. The remaining will be a concessional loan of up to $10 million from IFC acting in its capacity as the implementing entity of the Climate Investment Funds' Clean Technology Fund.
The money will be raised in the local currencies of India and South Africa.
The debt funding comes after Candi Solar in July raised $24 million from Norwegian development finance institution Norfund, STOA and the Energy Entrepreneur's Growth Fund, to fund projects in India and South Africa.
In June last year, the company had secured $38 million in equity infusion from Norfund, STOA and Kyuden International, to fund 200MW of commercial and industrial solar projects in India and South Africa.
The company said that its portfolio has more than doubled to more than 220 MWp in 18 months, driven by 85 MWp of open-access projects in India and flagship sites including auto components manufacturer Pricol Ltd in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium HQ, home of The Sharks rugby team.
Candi also counts among its clients companies like International Flavours Fragrances, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills, to name a few. In India, it also has open-access projects in Gujarat and Chhattisgarh.
Published by HT Digital Content Services with permission from VC Circle.