$24 million for Candi Solar: South Africa and India-focused B2N solar power company Candi Solar has raised $24 million from its existing shareholders. It comprises a $20 million convertible loan from Norfund and STOA, alongside a $4 million top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF). This round expands its total capital raised to date to exceed $140 million. The new funding round will enable it to strengthen its presence in the core markets, expand its product suite, and expand the team, said Candi Solar Co-founder and Director Fabio Eucalipto. The company has expanded its active portfolio by over 60 MW in the last 12 months to a total of 132 MW. It is now active in 22 Indian states and union territories and 8 South African provinces.
Masdar signs up JA Solar: Abu Dhabi Future Energy Company Masdar has entered into a contract with JA Solar to supply 1 GW of its high-efficiency DeepBlue 4.0 Pro PV modules. Masdar plans to deploy these modules for its 315 MW Banka and 445 MW Bilasuvar Solar Power Projects in Azerbaijan (see Financial Close Achieved For 760 MW Azerbaijan Solar Projects). On completion, these projects can generate close to 1.53 billion kWh annually.
Green hydrogen project in Kazakhstan: South Korean engineering company YPP will invest up to $3.1 billion in a green hydrogen production project under a framework agreement with Kazakhstan’s national investment company Kazakh Invest. It will involve up to 2 GW of wind and solar power plants, along with installation of electrolysis and ammonia production units. The project is targeted to generate up to 750,000 tons of green hydrogen, some of which will be used to produce 310,000 tons of green ammonia annually. Some of it will be used locally, while the rest will be exported.
“We see a strong and sustained interest from international companies in implementing green energy and hydrogen projects. Kazakhstan has tremendous potential — up to 1,820 billion kWh per year for wind and 2.5 billion kWh for solar. Dozens of initiatives are already underway, and we believe that partnerships like the one with YPP will turn this potential into tangible production, exports, and new jobs,” said the Deputy Chairman of the Management Board of Kazakh Invest, Azamat Kozhanov.