Candi Solar India has set an ambitious goal to establish 200 megawatts of solar projects by June 2025 across India and South Africa, according to Managing Director Nishant Sood. In India, the company plans to execute these projects on an engineering, procurement, and construction (EPC) basis, targeting the commercial and industrial sectors.
In South Africa, the focus will be on clients in the food and agriculture industries. Of the planned 200 MW, 150 MW have already been contracted, and the company is in discussions to secure agreements for an additional 45 MW.
The Indian projects will span across states including Gujarat, Rajasthan, Maharashtra, Tamil Nadu, Karnataka, West Bengal, Odisha, Punjab, and Haryana, encompassing both open access and rooftop installations. Approximately two-thirds of the total capacity will be in India, with the remainder in South Africa.
Candi Solar India recently secured USD 38 million in funding to expand its project portfolio. The company reported a significant increase in revenue, reaching USD 27.2 million for FY24, up from USD 7.6 million in FY23. As part of the Switzerland-based Candi Solar AG, the firm is involved in developing, financing, and setting up solar projects.
Sood highlighted that while policy fluctuations and limited financing options for small and medium enterprises pose challenges in India, the overall outlook for solar energy remains positive due to strong financial incentives, market potential, and government support.
