Candi Solar India Targets 200 MW Projects by 2025 in India and South Africa

Candi Solar India plans to establish 200 MW of solar projects by June 2025 in India and South Africa. Of these, 150 MW are already contracted. These projects target the commercial and industrial segments in India and the food and agriculture sectors in South Africa. The company recently secured $38 million in funding and is dealing with policy fluctuation challenges in India.

Renewable energy player, Candi Solar India, plans to develop 200 megawatts (MW) worth of solar projects by June 2025 across India and South Africa, according to a top company executive.

In the domestic market, these projects will cater to clients in the commercial and industrial segments, while in South Africa, the focus will be on customers from the food and agriculture industries, stated Managing Director Nishant Sood.

"We aim to complete around 200 MW of solar projects by the second quarter of 2025, of which 150 MW has already been contracted," the company official told PTI. Candi Solar is in the process of signing agreements for an additional 45 MW.

In India, these projects span Gujarat, Rajasthan, Maharashtra, Tamil Nadu, Karnataka, West Bengal, Odisha, Punjab, and Haryana. The company is setting up both open access and rooftop solar projects.

Of the total 200 MW capacity, approximately two-thirds will be located in India with the remainder in South Africa. The company recently secured around USD 38 million in funding to expand its portfolio.

Candi Solar India's FY24 revenue was USD 27.2 million, nearly four times the USD 7.6 million reported in FY23. As part of Switzerland-based Candi Solar AG, the company develops and finances solar projects for clients.

Sood mentioned that policy fluctuations in India pose a significant challenge, with misalignment between different nodal agencies. Limited credit or financing options, particularly for MSMEs, also present hurdles. Nonetheless, the financial incentives for end users and the government's push towards solar are positive.

(With inputs from agencies.)