Page 14 - AsiaElec Week 26 2022
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AsiaElec RENEWABLES AsiaElec
EEGF invests in Asia, Africa-
fucused Candi Solar
INDIA THE Energy Entrepreneurs Growth Fund sustainable source of energy, enabling energy
(EEGF) has invested in Candi Solar, a clean infrastructure in emerging markets to be built
energy financier for commercial and industrial at scale.
businesses in South Africa and India, according The $120mn EEGF was established in 2019
to a release by the fund’s manager. by the Shell Foundation and FMO to provide
EEGF, Netherlands-headquartered Tri- financing to early and growth-stage companies
ple Jump said on June 27, invested through a that promote access to clean energy in sub-Sa-
convertible loan, which will be instrumental haran Africa.
in supporting the company’s strong growth “As of March 2022, [Candi Solar] had a con-
momentum and will allow Candi Solar to con- tracted capacity of over 33 MWp, with 17 pro-
tinue financing projects across South Africa jects across South Africa,” said the release.
prior to the close of its Series B equity round. “Over the period 2022-2024, candi aims to
The convertible loan, whose sum was not cumulatively reach 13,900 beneficiaries via over
specified, is expected to provide additionality by 1,400 solar installations, offsetting 108,563 tons
enabling candi to access further capital. of CO2eq (impact projections based on esti-
Candi Solar has been operating since 2018, mates modelled by Triple Jump). The company
initially in India and, since late 2019, in South also implements battery storage solutions and is
Africa. It aims to provide simple and efficient exploring expansion into additional sub-Saha-
solutions for companies to take advantage of ran African countries.”
solar energy and gain both a more reliable and
P14 www. NEWSBASE .com Week 26 29•June•2022
