Candi Solar Secures $38 Million in Funding to Accelerate Clean Energy Expansion

Candi Solar, a pioneering clean energy company specializing in solar power solutions for commercial and industrial (C&I) clients, has announced the successful closure of its Series C funding round, securing $38 million in equity investment. This round was led by Norfund, Kyuden International, and STOA, reflecting strong confidence in Candi’s mission and growth trajectory.

Since its inception in 2018, Candi Solar has been committed to revolutionizing the energy landscape across Asia and Africa. Focusing on enabling distributed energy infrastructure at scale, the company has emerged as a trusted partner for businesses seeking sustainable energy solutions. With a total contracted capacity of 112 MW, Candi Solar leverages its expertise as a solar engineer, financier, and operator to lead the field.

Industry experts have recognized Candi Solar, ranking it among the Top 5 rooftop solar developers in India. Its impressive portfolio includes projects for prominent industry players such as Airtel and Jindal Saw in India and Schneider Electric in South Africa. This wide geographical presence spans 17 states and 2 union territories in India and 8 provinces in South Africa, affirming Candi’s commitment to diverse markets.

Candi Solar’s dedication to innovation and customer-centricity drives the adoption of solar financing models that offer simplicity, lower risk, and higher value to clients. The $38 million equity investment will support the company’s ambitious growth plans, financing an additional 200 MW of business solar projects and supporting strategic hiring initiatives to sustain rapid expansion.

Fabio Eucalipto, Co-founder and Director at Candi Solar, expressed enthusiasm for the company’s prospects: “As the world embraces decentralized power generation, this 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.”

Bjørnar Baugerud, head of the Climate Investment Fund at Norfund, added, “Norfund’s investment in Candi Solar is a commitment to driving sustainable development and the transition to renewable energy. We look forward to supporting innovative solutions that provide renewable energy services to underserved markets while maintaining 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 achieving their growth targets.”

Marie-Laure Mazaud, CEO of STOA Infra & Energy, emphasized the significance of their additional investment in Candi Solar, stating, “This additional investment reaffirms STOA’s commitment to the distributed energy sector. We believe that reducing greenhouse gas emissions should not be confined to large-scale production capacities at the national grid level. The solutions developed by Candi make solar energy more accessible for small and medium-sized enterprises, directly contributing to sustainable development goals with significant social and environmental impact.”

Ryotaro Yusu, President of Kyuden International Corporation, commented, “As an important step to India and Africa, we are excited about the partnership with Candi. We aim to contribute to Candi’s growth and capture new business opportunities in India and South Africa, where economic growth is rapid, and develop our energy solutions business.”

This investment underscores the environmental benefits of supporting solar assets, mitigating an estimated 493,875 tons of CO2-equivalent emissions annually.