Candi Solar Targets 200 MW Solar Projects in India, South Africa

New Delhi, Aug 28 (PTI) Renewable energy player candi solar India aims to set up 200 megawatt projects by June 2025 in India and South Africa, a top company official said.

In the domestic market, the projects will be set up on engineering, procurement and construction (EPC) basis for clients in commercial and industrial (C&I) segment, while in South Africa, the customers will be from food industry and agriculture, Managing Director Nishant Sood said.

"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.

In India, the projects are spread across Gujarat, Rajasthan, Maharashtra, Tamil Nadu, Karnataka, West Bengal, Odisha, Punjab and Haryana, he said adding the company will be setting up open access and rooftop projects.

Of the 200 MW capacity, Sood said around 2/3rd are in India and the remaining in South Africa.

He also said the company had received around USD 38 million funding, which it will be using to increase the portfolio.

As per the company's information, candi solar India reported a revenue of USD 27.2 million in FY24, registering a nearly four-fold jump from USD 7.6 million in FY23.

Part of Switzerland-based candi solar AG, the company is into developing solar projects for clients, besides financing projects and setting up capacities on individual basis.

Replying to a question on issues faced by solar developers in India, Sood said, "The biggest challenge in the Indian market is policy fluctuation. Many policy changes aren't aligned between different nodal agencies. Credit or financing options, especially in the MSME space, are still limited. However, the macro story for solar remains good, with the financial incentives clear for end users, general market potential and the government's general push towards solar.