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$38 M raised by Candi Solar to hasten clean energy expansion in South Africa, India

A clean energy startup called Candi Solar, which specializes in solar power solutions for clients in the commercial and industrial (C&I) sector announced that its funding round was successful and that $38 million in equity investment had been secured.

According to a statement from Candi, the round was spearheaded by Norfund, Kyuden International, and STOA, indicating their support for the company’s goals and rate of expansion.

The $38 million equity capital investment will support strategic hiring initiatives and enable the company to finance an additional 200 MW of business solar projects, thereby supporting its ambitious growth plans.

By reducing an estimated 493,875 tons of carbon dioxide-equivalent emissions annually, this investment also demonstrates the environmental benefits of supporting solar assets.

“As the world embraces decentralised power generation, this round of growth capital propels us closer towards emerging as the premier rooftop solar player in the commercial and industrial space across all our markets,” said Fabio Eucalipto, Co-founder and Director at Candi Solar.

“Our innovative solar and battery solutions and pioneering financial products accelerate our purpose of powering a more sustainable planet, one rooftop at a time,

“This recognition from our new investors, Norfund and Kyuden, alongside the unwavering support of our existing shareholder STOA, fuels our commitment to building an international enterprise with a robust path to profitability,” he added.

Candi Solar has dedicated itself to transforming the energy landscape in Asia and Africa since its founding in 2018.

With a total contracted capacity of 112 MW, the company has established itself as a leader in the industry by utilizing its experience as a solar engineer, financier, and operator.

The company has a strong portfolio that includes notable projects from South Africa’s Schneider Electric to India’s Airtel and Jindal Saw. These projects demonstrate the firm’s ability to meet the demands of major industry players and further cement its reputation for providing high-quality services and solutions.




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