Candela Renewables
Candela Renewables is an independent utility-scale solar and battery storage project developer founded in 2018 and based in San Francisco. It delivers end-to-end development services for utilities, C&I buyers, hyperscalers, and data center operators, and has completed or sold approximately 6.5 GWac of projects under a strategic partnership with Naturgy Energy Group.
- Company typePrivate
- Founded2018
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Candela Renewables does
Candela Renewables, founded in 2018 by Brian Kunz and Nik Novograd, is an independent utility-scale solar and battery storage project developer headquartered in San Francisco. The company delivers end-to-end development services — siting/GIS analysis, real estate acquisition, interconnection and transmission coordination, permitting, engineering, PPA origination, project finance, construction management, and asset management — through a technology-agnostic model that selects best-fit equipment (lithium-ion LFP/NMC storage and emerging chemistries such as kinetic, molten salt, liquid air, and iron-air) on a project-by-project basis. The firm's core team has worked together since 2008 at NextLight Renewable Power and First Solar, accumulating over 230 collective years of experience and a track record that includes developing 38 solar projects representing 5+ GWac between 2008 and 2017, several of which were the largest PV facilities in the world at the time.
Since founding, Candela has completed or sold approximately 6.5 GWac of utility-scale solar and solar-plus-storage projects across U.S. states including Texas, Nevada, Arizona, Ohio, and California. Revenue is generated through a combination of project development and sale to capital partners (most notably a January 2021 pipeline sale to Naturgy Energy Group covering 3.2 GW solar and 2 GW storage), long-term power purchase agreements with utilities, C&I buyers, CCAs, and hyperscalers (including a 140 MW PPA with Google), and recurring fees under a five-year Development Services Agreement with Naturgy. Customers include electric utilities, commercial and industrial buyers, community choice aggregators, retail energy providers, hyperscalers, and AI data center operators — with the latter segment representing an explicit strategic priority given rapidly rising power demand from AI/ML workloads.
Candela operates with a lean team (24+ employees as of late 2021, with continued expansion through 2025) and is backed by Naturgy Energy Group, a Spain-based global energy company with approximately $20 billion market capitalization. Notable project milestones include construction start on the 240 MWac 7V Solar Ranch in Texas (May 2022, Candela's first utility-scale build and Naturgy's first U.S.-owned asset), the federal Record of Decision for the 400 MWac Rough Hat Clark Solar Project in Nevada (January 2025), and site control of approximately 4,200 acres in Yavapai County, Arizona for the 450 MW Agua Fria solar and storage project.
Candela Renewables firmographics
Firmographics- Name
- Candela Renewables
- Legal name
- Candela Renewables, LLC
- Website
- https://candelarenewables.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Candela Renewables is an independent utility-scale solar and battery storage project developer founded in 2018 and based in San Francisco. It delivers end-to-end development services for utilities, C&I buyers, hyperscalers, and data center operators, and has completed or sold approximately 6.5 GWac of projects under a strategic partnership with Naturgy Energy Group.
- Ownership category
- akta.pro rank
Candela Renewables industry classification
Industry- Product category
- Utility-Scale Solar and Storage Project Development
- NAICS
- Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Greenfield Site Origination & Land Acquisition (Leases, Easements, Title) (EUAMAAAA)
- akta.pro secondary industries
- Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks) (EUAEADAG), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), DER Financing, Leasing & Billing Platforms (TPO, PPA, On-Bill) (EUAMAJAJ), Turnkey distribution buildouts (feeders, reclosers, capacitor banks, line extensions) (EUADAKAK)
Keywords
Where Candela Renewables is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Candela Renewables business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Project Development and Sale: Candela develops utility-scale solar and storage projects and sells them (or the pipeline) to capital partners and operators such as Naturgy. Projects are developed through to construction-ready status or sold prior to construction for profit.
- Power Purchase Agreements (PPAs): Candela negotiates and executes PPAs with major renewable energy buyers including utilities, C&I customers, CCAs, and retail providers, creating long-term revenue streams from energy generation.
- Development Services Agreement: Candela earns fees under a five-year Development Services Agreement to continue developing the project pipeline on behalf of its capital partner Naturgy.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Candela Renewables product offering
Product offeringCore offering
Candela Renewables is an independent utility-scale solar and battery storage project developer. The company provides end-to-end project development services spanning siting/GIS analysis, real estate acquisition, interconnection and transmission coordination, permitting, engineering, PPA origination, project finance, construction management, and asset management. Candela develops projects to construction-ready or shovel-ready status and monetizes them through pipeline sales to capital partners (e.g., Naturgy Energy Group) or via long-term Power Purchase Agreements with utilities, C&I buyers, hyperscalers, and data center operators.
Product overview
Candela Renewables is an independent utility-scale solar and storage project developer offering end-to-end development services across the entire project lifecycle. The company's core offerings consist of utility-scale solar project development and battery storage project development, complemented by a suite of service modules including Siting/GIS, Real Estate, Interconnection/Transmission, Permitting, Engineering, Origination, Community Engagement, Project Finance, M&A Diligence, Construction Management, and Asset Management. Projects include the 7V Solar Ranch (240 MWAC), Rough Hat Clark Solar Project (400 MWAC), and Agua Fría Solar Project (450 MW), among others in various stages of development.
Differentiator
Problem solved
Functional benefit
Products and services
- Utility-Scale Solar Project Development End-to-end development of utility-scale solar photovoltaic power projects, from market analysis and site selection through permitting, financing, construction readiness, and ongoing asset management. Sold to capital partners or contracted via long-term Power Purchase Agreements with utilities, C&I buyers, hyperscalers, and data center operators.
- Battery Energy Storage Project Development Development of co-located and stand-alone battery energy storage systems integrated with solar projects to enhance grid reliability and meet evening peak demand. Supports multiple storage chemistries including lithium-ion LFP and NMC as well as emerging kinetic, molten salt, liquid air, and iron-air storage technologies.
- Development Services Agreement (DSA) with Naturgy Energy Group Five-year, fee-based development services agreement under which Candela continues to develop the U.S. utility-scale solar and storage pipeline on behalf of strategic capital partner Naturgy Energy Group, including siting, real estate, interconnection, permitting, engineering, PPA origination, and project finance services.
Quantifiable outcome
- Since 2018, completed or sold ~6.5 GWac of utility-scale solar and solar + battery storage projects across the U.S.
- +4 more outcomes
Companies that use Candela Renewables
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Candela Renewables technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Candela Renewables partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights6 records
Candela Renewables competitors and assessment
Company assessmentDirect peers
- Leeward Renewable Energy: Independent utility-scale solar and storage developer in the U.S. with similar project development and PPA origination model; Candela's VP of Real Estate previously held real estate and development roles there, indicating direct overlap in operating approach and target market.
- 174 Power Global: U.S. utility-scale solar and storage developer focused on greenfield development through PPA origination; Candela's Senior Director of Project Development previously held a Senior Director/VP Development role there, signaling directly comparable operations and customer segments.
- Clearway Energy Group: Major U.S. utility-scale solar and storage owner-operator/developer; multiple Candela team members held prior roles at Clearway, and it operates in the same PPA origination and project development segments with overlapping hyperscaler and utility customers.
- Avantus (formerly 8minute Solar Energy): Leading U.S. independent utility-scale solar and storage developer with deep pipeline; directly comparable independent developer business model targeting utilities, CCAs, and hyperscalers.
- Vesper Energy: Independent U.S. utility-scale solar developer; Candela's Senior Manager of Development Engineering previously led development engineering at Vesper, indicating overlapping technical execution focus and customer base.
Broad incumbents
- ENGIE Renewables: Global utility-scale renewables developer/IPP; Candela's Senior Director of Finance previously worked at ENGIE Renewables Division, and ENGIE operates U.S. solar and storage development that directly competes for the same hyperscaler and utility PPAs.
- AES Corporation: Large U.S. independent power producer with significant utility-scale solar and storage development; competes directly with Candela for hyperscaler PPAs and has comparable strategic capital partnerships with global utilities.
- Invenergy: Large U.S.-based utility-scale renewables developer with solar, storage, and wind projects; comparable business model but at significantly larger scale with broader geographic and technology footprint.
- EDF Renewables North America: Subsidiary of global utility EDF developing utility-scale solar and storage in the U.S.; competes for similar hyperscaler, utility, and C&I PPAs with a comparable technology-agnostic project development approach.
Others
- First Solar: Candela's co-founders and many team members previously developed over 5 GWac at First Solar; while First Solar is now primarily a module manufacturer, its legacy development arm remains a foundational reference point for Candela's project development capabilities and industry relationships.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Candela Renewables social profiles
Digital presenceCandela Renewables financial estimates
Financial estimateRevenue estimate
Valuation estimate
Candela Renewables leadership team
Management profileNumber of profiles
Profiles23 records
Candela Renewables funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Candela Renewables M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Candela Renewables
What does Candela Renewables do?
Candela Renewables is an independent utility-scale solar and battery storage project developer. The company provides end-to-end project development services spanning siting/GIS analysis, real estate acquisition, interconnection and transmission coordination, permitting, engineering, PPA origination, project finance, construction management, and asset management. Candela develops projects to construction-ready or shovel-ready status and monetizes them through pipeline sales to capital partners (e.g., Naturgy Energy Group) or via long-term Power Purchase Agreements with utilities, C&I buyers, hyperscalers, and data center operators.
Is Candela Renewables a public or private company?
Candela Renewables is a private company. It is classified as corporate owned and is currently operating.
When was Candela Renewables founded?
Candela Renewables was founded in 2018. It employs 11 to 50 people.
Where is Candela Renewables based?
Candela Renewables is headquartered in San Francisco, United States, in the North America region.
How does Candela Renewables make money?
Three revenue lines are on record. Project Development and Sale is the primary driver. The others are power Purchase Agreements (PPAs) and development Services Agreement.
Who are Candela Renewables's main competitors?
Direct peers on record are Leeward Renewable Energy, 174 Power Global, Clearway Energy Group, Avantus (formerly 8minute Solar Energy) and Vesper Energy. Broad incumbents are ENGIE Renewables, AES Corporation, Invenergy and EDF Renewables North America. First Solar is listed as an others.
Does Candela Renewables have an API?
No public API is recorded for Candela Renewables.
What industry is Candela Renewables in?
Candela Renewables's product category is Utility-Scale Solar and Storage Project Development. Its primary akta.pro industry code is EUAMAAAA, Greenfield Site Origination & Land Acquisition (Leases, Easements, Title), with a secondary code of EUAEADAG, Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks). Its NAICS code is 2211 and its SIC code is 4991.