According to a senior company official, renewable energy player candi Solar India plans to establish 200 megawatt projects in South Africa and India by June 2025.
Managing Director Nishant Sood stated that while the projects will be set up for clients in the commercial and industrial (C&I) segment in the domestic market, the customers in South Africa will be from the food industry and agriculture.
"We will be completing about 200 MW of solar projects by second quarter of calendar year 2025. Of the total, 150 MW is already contracted," the company official told PTI in an interaction.
candi solar is in the process of signing of agreements for another 45 MW capacity, he said.
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He also mentioned that open access and rooftop projects will be established by the company. Projects can be found in the Indian states of Gujarat, Rajasthan, Maharashtra, Tamil Nadu, Karnataka, West Bengal, Odisha, Punjab, and Haryana.
According to Sood, about two thirds of the 200 MW capacity are in India, with the remainder being in South Africa.
Additionally, he disclosed that the business has received funding totalling about USD 38 million, which it plans to use to expand its portfolio.
According to data provided by the company, Candi Solar India recorded revenue of USD 27.2 million in FY24, almost four times higher than the USD 7.6 million in FY23.
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As a division of the Swiss company Candi Solar AG, it develops solar projects for customers in addition to providing project financing and capacity building services.
In response to a question about issues faced by solar developers in India, Sood stated, "The most significant challenge in the Indian market is policy fluctuation. Many policy changes are not coordinated across different nodal agencies. Credit or financing options, particularly in the MSME sector, remain limited. However, the macro story for solar remains positive, with clear financial incentives for end users, broad market potential, and the government's overall push for solar."
