SOUTH AFRICA – Candi Solar, a pioneering clean energy company specialising in solar power solutions for commercial and industrial (C&I) clients, has announced the successful closure of its series C funding round, securing US$38 million in equity investment.
Norfund, Kyuden International, and STOA led the round, reflecting a vote of confidence in Candi’s mission and growth trajectory.
The equity capital investment will fuel the company’s ambitious growth plans, facilitate financing an additional 200 MW of business solar projects, and support strategic hiring initiatives to sustain its rapid expansion.
Since its inception in 2018, Candi Solar has been committed to revolutionizing 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 solar engineer, financier, and operator expertise, Candi Solar has distinguished itself as a leader in the field, with a total contracted capacity of 112 MW.
“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,” Fabio Eucalipto, Co-founder and Director at Candi Solar, expressed his enthusiasm for the company’s prospects, said.
“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.”
Candi Solar has been recognized by industry experts, with the company recently ranking among the Top 5 rooftop solar developers in India.
Candi boasts an impressive 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.
With a wide geographical presence across India and South Africa, including 17 states and 2 union territories in India and 8 provinces in South Africa, Candi is affirming its commitment to serving diverse markets.
“Norfund’s investment in Candi Solar is a commitment to driving sustainable development and the transition to renewable energy,” Bjørnar Baugerud, head of the Climate Investment Fund in Norfund, said.
“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.”
With a dedication to innovation and customer-centricity, Candi Solar continues to drive the adoption of solar financing models that offer simplicity, lower risk, and higher value to its clients.
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