Candi Solar India to Expand with 200 MW Solar Projects by Mid-2025

Candi Solar India is poised to significantly expand its solar project portfolio, with plans to establish 200 megawatts (MW) of new projects by June 2025. This ambitious initiative will span across India and South Africa, according to Managing Director Nishant Sood.

In India, Candi Solar will implement these projects on an engineering, procurement, and construction (EPC) basis, targeting the commercial and industrial (C&I) sectors. The company has identified key locations in Gujarat, Rajasthan, Maharashtra, Tamil Nadu, Karnataka, West Bengal, Odisha, Punjab, and Haryana for these installations, including both open access and rooftop projects. Sood noted that approximately two-thirds of the 200 MW capacity will be developed in India, while the remainder will cater to South African clients in the food and agriculture industries.

As of the latest updates, Candi Solar India has already secured contracts for 150 MW of the planned capacity, with additional agreements for another 45 MW currently in the pipeline. The company has recently received around USD 38 million in funding, which will be utilized to bolster its project portfolio. This influx of capital comes as a significant boost to the company, which reported a remarkable increase in revenue—USD 27.2 million for FY24, up from USD 7.6 million the previous fiscal year.

Operating as a subsidiary of Switzerland-based Candi Solar AG, Candi Solar India is engaged in the development, financing, and implementation of solar projects on a case-by-case basis. Despite facing challenges such as policy inconsistencies and limited credit options for micro, small, and medium enterprises (MSMEs), Sood remains optimistic about the overall solar market in India. He emphasized the positive macroeconomic trends, financial incentives for end users, and the government’s strong commitment to solar energy, which collectively drive a favorable outlook for the industry.