Latest news with #Norfund
IOL News
7 days ago
- Business
- IOL News
Candi Solar raises $24 million from existing shareholders
With 165 installations across South Africa and India, and over 132 MWp in clean energy deployed, Candi Solar continues to play a critical role in helping South African businesses to overcome high energy costs and unstable electricity supply. Candi has active operations across the country, delivering impactful solar solutions for clients including Kings Park Stadium HQ, Schneider Electric, Pick 'n Pay, Hi-Tech Inks, Toyota, and Bracken Timbers - where the solar installation has already saved R3m in just three years. Candi Solar, a distributed energy company simplifying clean power for businesses in emerging markets, has secured $24 million (R424m) in fresh funding from its existing investors. The raise includes a $20m convertible loan from Norfund and STOA, alongside a $4m top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund. This round brings Candi's total capital raised to over $140m, reinforcing the company's position as a long-term energy partner in some of the world's most carbon-intensive energy markets. Fabio Eucalipto, the Co-founder and Director at Candi, said 'This round enables us to deepen our presence in core markets, expand our product suite, and continue to attract world-class talent.' 'But more than that, it validates a long-term approach in a space often dominated by short-term thinking. This raise reflects something bigger than project growth - it's about building the financial and operational structures that make clean energy investable at scale in emerging markets. Solar alone doesn't solve the problem. It's how you fund it, run it, and prove it works over time.' Sofie Kamsvåg, an investment manager in Norfund, said, 'Since Norfund's initial investment in Candi last year, the company has doubled its operational portfolio and is set to continue on this impressive growth trajectory. This is a testament to the success of Candi's business model and the need for the innovative product solutions they provide to commercial and industrial clients in India and South Africa. These two markets face a rapidly growing demand for energy financing, and Candi's offering contributes to these needs while avoiding large scale emissions."
Yahoo
21-06-2025
- Business
- Yahoo
Globeleq to acquire majority stake in Zambian hydropower company
Independent power company Globeleq has entered a share purchase agreement (SPA) with Norwegian investment fund Norfund to acquire a 51% equity stake in Zambia's Lunsemfwa Hydro Power Company (LHPC). The remaining 49% of LHPC will continue to be held by Wanda Gorge Investments, an infrastructure investment company based in Zambia. The agreement represents a milestone for Globeleq's entry into the Zambian energy market, enabling the company to offer solutions to a variety of energy-intensive consumers in the public and private sectors. It also represents Globeleq's first hydropower venture on the African continent, further strengthening the company's already diverse renewable energy portfolio, which encompasses solar, wind, battery storage (BESS), solar plus BESS hybrids and geothermal plants. Zambia is central to Globeleq's expansion plans, where the company is actively developing projects encompassing more than 400MW of solar and wind power capacity along with BESS systems and hybrid solutions. Among these initiatives is the 54 megawatts peak (MWp) Kafue solar project initiated under the GETFiT Zambia programme. The transaction will be completed in the second half of 2025. Globeleq's CEO Jonathan Hoffman commented: "We are excited about this opportunity to enter the Zambian market. LHPC's established team, operations and trading capabilities combined with our extensive experience in Africa, create a strong platform to support Zambia's broader energy objectives and deliver solutions to a range of energy consumers in the region." LHPC, based in Kabwe in Zambia's Central Province, plays an integral role in the region's power supply. The company operates two hydroelectric plants with a total capacity of 56MW, and is also developing a 20MW solar project. It currently sells electricity to public utilities such as the Zambia Electricity Supply Corporation, and private entities such as the Copperbelt Energy Corporation and Jubilee Metals. LHPC also holds a valuable Southern African Power Pool (SAPP) trading licence. Norfund investment director Øystein Øyehaug stated: "In seeking a partner for this transition, our priority was to find the right investor — one with the capability to manage well, enhance operational performance, elevate standards and unlock the long-term growth potential of LHPC. With more than 20 years of experience operating in Africa, we are confident that Globeleq is the right fit to lead the LHPC into its next chapter." In early 2025, Pele Energy Group (PEG) secured R575m ($30.9m), with support from Nedbank and Norfund, to expand its renewable energy portfolio throughout South Africa and the wider African continent. "Globeleq to acquire majority stake in Zambian hydropower company" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Economic Times
20-06-2025
- Business
- Economic Times
Fourth Partner Energy Appoints Shujath Bin Ali as Chief Legal Officer to head Legal and Compliance
Synopsis Fourth Partner Energy, backed by TPG and Norfund, has appointed Shujath Bin Ali as its Chief Legal Officer. He will spearhead the company's legal, compliance, and governance initiatives. This appointment occurs as India experiences significant expansion and investment in the renewable energy sector, aiming for 500 GW of renewable capacity by 2030. Private equity major TPG and Norwegian investment fund Norfund-backed renewable energy developer Fourth Partner Energy has appointed Shujath Bin Ali as its Chief Legal Officer to lead the company's legal, compliance, and governance initiatives. ADVERTISEMENT The Hyderabad-headquartered Fourth Partner Energy also counts IFC, a member of the World Bank Group, the Asian Development Bank and Germany's impact fund DEG, among its investors. An alumnus of Osmania University and also a member of the Institute of Company Secretaries of India (ICSI), Shujath Bin Ali started his career with Valtech in 2003. In March 2004, he joined Fanuc India Pvt Ltd and subsequently joined Deloitte, where he rose to become Associate Vice President, Head of Legal and Company Secretary. He has also worked with International Paper India and PAREXEL International – India as Senior Director, General Counsel, Compliance Officer & Company Secretary. Before joining Fourth Partner Energy, Shujath Bin Ali also served as Global General Counsel & Chief Compliance Officer at KKR-backed company Re Sustainability.'Shujath is a subject matter expert and dynamic industry leader. He is open to innovative ideas and always thinks outside the box,' said a senior executive who has worked with him. 'He is a complete team player, and be it with his superiors, colleagues or his team members, they speak highly about him,' he development comes at a time when India is witnessing heavy expansion and investment in the sector. The country has logged a threefold growth in its renewable power capacity in the last decade, with the installed green energy capacity reaching GW, including large hydro plants, compared to 75.52 GW capacity in March 2014, according to certain media reports. ADVERTISEMENT India has set an ambitious target of having 500 GW of renewable energy capacity by 2030, which requires the addition of about 50 GW of green capacity per annum in the next five to six years, suggests the reports. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
