Candi Solar raises $38M to accelerate clean energy expansion in India and South Africa

Candi Solar, a solar power solutions provider for commercial and industrial (C&I) clients, has closed its Series C funding round, raising $38 million. The funding was led by Norfund, Kyuden International, and STOA. 

Revolutionising the energy landscape across Asia and Africa

Since its inception in 2018, Candi Solar has been committed to revolutionising the energy landscape across Asia and Africa.

With a steadfast focus on enabling distributed energy infrastructure at scale, the company has emerged as a trusted partner for businesses seeking sustainable energy solutions.

Leveraging its expertise as a solar engineer, financier, and operator, Candi Solar has distinguished itself as a leader in the field, with a total contracted capacity of 112 MW. 

It claims to have a portfolio highlighted by projects such as Airtel and Jindal Saw in India and Schneider Electric in South Africa, underscoring Candi’s ability to cater to the needs of prominent industry players, further solidifying its reputation for delivering high-quality services and solutions.

The company has a geographical presence across India and South Africa, including 17 states 2 union territories in India and 8 provinces in South Africa.

Facilitating the financing of an additional 200 MW

The equity capital investment of $38 million will fuel the company’s ambitious growth plans, facilitating the financing of an additional 200 MW of business solar projects and supporting strategic hiring initiatives to sustain its rapid expansion. 

Fabio Eucalipto, Co-founder and Director at Candi Solar, expressed his enthusiasm for the company’s prospects, stating, “As the world embraces decentralised power generation, this round of growth capital propels us closer to emerging as the premier rooftop solar player in the commercial and industrial space across all our markets."

"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," Eucalipto said.

What did investors say?

Bjørnar Baugerud, head of the Climate Investment Fund in Norfund, said, “Norfund’s investment in candi solar is a commitment to driving sustainable development and the transition to renewable energy. Through the partnership, we look forward to supporting innovative solutions that provide renewable energy services to underserved markets while keeping high standards of business integrity, ESG, and health & safety practices. We are confident that candi solar will be a key contributor to developing the C&I sector, and we look forward to working with their team and our co-investors in helping achieve their growth targets.” 

Marie-Laure Mazaud, CEO of STOA Infra & Energy, underscored the significance of their additional investment in Candi Solar, emphasising, “This additional investment in Candi Solar reaffirms STOA’s commitment to the distributed energy sector. We firmly believe that reducing greenhouse gas emissions should not be confined to the development of large-scale production capacities at the national grid level."