EDFI ElectriFI invests in candi’s PV solar solutions for Indian SMEs
EDFI ElectriFI invested EUR 2,68m junior debt in candi, a platform that finances, builds and operates solar solutions for SMEs in emerging markets, whereby the aim is to help customers improve their bottom line while at the same time creating a positive environmental impact.
candi has a unique business proposal for clean electrification of SMEs. The company leverages a distinctive set of tools, including simplified contracts, innovative software solutions and streamlined credit checks, to reduce deployment timelines, compress transaction costs and manage credit quality effectively. As a result, candi is able to structure offerings that deliver guaranteed savings against the grid, cut overall electricity costs, transfer ownership of solar assets, and enable SMEs to inject savings back into their business. The company has strong business ethics and is truly committed to deliver a sustainable societal impact.
EDFI ElectriFI’s support will help the company expand its customer base in India. With its offering, candi aims to reach some 200 beneficiaries and save 50,000 tons of CO2 eq/year by 2022.
“We are very excited to partner with candi, an ambitious impact focused early stage company with a strong management team. Our facility will contribute to candi’s path to profitability while being highly catalytical to future senior debt. Another great addition to our portfolio of investee companies.” explained Jean-Denis Collin, Regional Manager for EDFI ElectriFI at EDFI Management Company.
Demand for affordable renewable energy solutions for SMEs remains high in India. In spite of the recent progress, the market is still suffering from a lack of suitable financial solutions and back up from traditional finance, particularly amongst SMEs.
“Given the asset intensive nature of our business model, reliable institutional financiers are crucial for turning candi into a global success story. With EDFI ElectriFI we found a partner with whom we experienced a professional and pragmatic collaboration throughout the investment process. We therefore hope that this was only the first step towards a long-term relationship.” concluded Fabio Eucalipto, Chief Financial Officer at candi.