GSS Bonds

Symbiotics Investments and candi solar partner on Green Bond to boost solar adoption in emerging market enterprises

December 20, 2023

Symbiotics Investments has arranged a USD 5,000,000 green bond for candi solar, a developer and asset owner of solar energy projects, with a focus on commercial and industrial businesses in India and South Africa.

With the proceeds of this green bond, candi solar expands its project portfolio to equip small and medium enterprises “SMEs” with affordable and reliable solar power across emerging markets, resulting in the twin benefits of carbon mitigation and local economic development. It also showcases its ability to align with the internationally accepted International Capital Market Association Green Bond Principles “ICMA GBP”, increasing the attraction of international financiers.

“In this transaction, Symbiotics Investments endeavoured to offer an innovative capital solution to support candi solar’s development activities. As the world recently committed to transitions away from fossil fuels, we believe that candi solar’s solutions are more crucial than ever, particularly in countries such as India and South Africa, where coal continues to dominate the energy mix.”, said Thomas Varela, Symbiotics Investments Senior Investments Analyst for Clean Energy.

“candi solar is scaling up fast and partnerships with institutions such as Symbiotics Investments are essential for the implementation of our growth strategy. We look for efficient and transparent processes, flexible financing solutions and, most importantly, people who share our values. We found all of that in Symbiotics Investments.”, stated Fabio Eucalipto, Finance Director for candi solar.

The following SDG is promoted with this bond:

This green bond is issued via Symbiotics sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainable Bond Framework, which was certified in December 2019 and November 2021 by global quality assurance and risk management company, DNV GL. The bond is listed on the Securities Official List of the Luxembourg Stock Exchange and displayed on Luxembourg Green Exchange.

Link to: Sustainable Bond Framework for Symbiotics


About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,700 investments representing more than USD 9.6 billion for 580 companies in 95 countries.

About candi solar
candi solar is a Swiss-founded company that partners with businesses in the commercial and industrial sectors in South Africa and India with customised end-to-end solar and battery solutions. Our offerings encompass customisable finance and performance solutions tailored to meet each customer’s precise needs. Currently, our business stable comprises 150 installations, with over 90 MWp of contracted solar capacity. Underpinned by our global expertise in financing, quality engineering and data-enabled asset management, our unique mix of strengths allow us to take all the risk of going solar, so business owners don’t have to. candi solar


For more information, contact:
Roberta Maurutto, Corporate Communication Specialist, Symbiotics

Fabio Eucalipto, Finance Director, candi solar