candi solar Secures $38 Million to Accelerate Portfolio Expansion

The funds will be used to finance 200 MW solar projects in India and Africa


candi solar, a solar solutions provider for commercial and industrial (C&I) consumers, has secured $38 million in equity investment in its Series C funding round led by Norfund, Kyuden International, and STOA.

This investment will support candi solar’s growth plans in India and Africa, financing an additional 200 MW of solar projects for C&I consumers and bolstering hiring initiatives to sustain its expansion.

Founded in 2018, candi solar offers energy solutions as a solar engineer, financier, and operator. The company claims a contracted capacity of 112 MW and serves clients such as Airtel and Jindal Saw in India, and Schneider Electric in South Africa.

candi solar operates across 17 states and two union territories in India, and eight provinces in South Africa.

“As the world embraces decentralized 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. 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,” noted Fabio Eucalipto, Co-founder and Director at candi solar.

In October 2020, candi solar received a €2.68 million (~$3.16 million) junior debt investment from EDFI ElectriFi to help the company expand its consumer base in India.

The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter of 2024, marking a 4% decrease from the $8.4 billion raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to Q4 2023, which saw $5.5 billion raised in 37 deals, according to  Mercom Capital Group’s Q1 2024 Solar Funding and M&A Report.