- Candi Solar secures $38 million (EUR 35.2 million) to expand solar operations in India and South Africa.
- Funding is led by Norfund and Kyuden International, with participation from existing shareholder STOA.
- Investment to boost solar projects by 200 MW and support strategic hiring for market expansion.
Candi Solar, a solar energy provider based in Zürich, has secured $38 million (EUR 35.2 million). This is in equity investment to expand its operations in India and South Africa.
The company announced the funding this week. New investors Norfund and Kyuden International led the round alongside existing shareholder STOA, a French impact investor. Norfund, Norway’s investment fund for developing countries, committed $20 million. Meanwhile, Kyuden International, the global arm of Japan’s Kyuden Group, contributed significantly.
Candi Solar provides solar energy solutions to businesses with a contracted distributed solar capacity of 112 MW. The company will use the new capital to finance an additional 200 MW of solar projects for businesses and to support strategic hiring to bolster its capabilities.
“This growth capital brings us closer to becoming the leading rooftop solar provider in the commercial and industrial sectors across our markets,” said Fabio Eucalipto, co-founder and director of Candi Solar. “Our innovative solar and battery solutions, along with our pioneering financial products, accelerate our mission of powering a more sustainable planet, one rooftop at a time.”
Norfund’s investment demonstrates its commitment to supporting renewable energy in developing countries. Kyuden International’s participation reflects its strategic interest in expanding its energy footprint internationally. Both investments align with global trends favouring decentralised power generation and clean energy adoption.
Candi Solar aims to use the funding to enhance its solar energy offerings and expand its market reach. The company’s solutions include solar power and battery storage systems tailored for commercial and industrial use, addressing the growing demand for sustainable and cost-effective energy alternatives in emerging markets.
The capital infusion will significantly enhance Candi Solar’s ability to meet increasing demand and contribute to the global shift towards sustainable energy solutions.
(USD 1 = EUR 0.927)