CANDELA RENEWABLES ANNOUNCES CAPITAL RAISE

Welcome to Sunlight, Candela Renewables’ corporate blog. As our business grows and expands, we’ll be using this forum to discuss industry trends, how we’re growing and what we’re doing to expand access to cost-effective utility scale solar power and storage.

As an inaugural post, we’re happy to announce that Candela has retained Nomura Greentech to raise capital to accelerate development of Candela’s project pipeline.

This is an exciting development for our company and our team. Over the past two years since Candela was founded, our team has  built out a portfolio of  more than 3.6 GW of utility scale solar projects and 2.2 GW of co-located energy storage.  We are now at an inflection point where a new investment partner will help us continue to grow while also funding later-stage capital commitments, including PPA and interconnection security that have a different risk profile.   

By any standard, this progress is a significant accomplishment for a startup independent renewable power platform. But from our perspective, we’re just getting started - offering a significant opportunity for the right investor.

For readers who might not know us, Candela has re-assembled an industry-leading team that has worked together previously, for years, across all stages of utility scale solar development at First Solar. Our expertise includes developing not only a substantial pipeline at Candela, but also more than 4 GW of previously originated, developed, contracted and financed projects in operation or construction.

We have extensive relationships with utilities, communities and regulators and have previously developed projects for household name power purchasers. We have assembled a geographically diverse development portfolio, including 240 MWac of solar and 50 MWac / 200 MWh of co-located storage with executed or awarded PPAs across two projects, and an additional 340 MWac shortlisted or in bilateral negotiations, demonstrating the team’s ability to efficiently deliver high-quality, well-developed projects.