Candi Solar, specializing in solar solutions for commercial and industrial (C&I) customers, has announced the closing of a $38 million fundraising round. The deal was led by Norfund, Kyuden International and STOA, demonstrating their confidence in Candi Solar’s mission and growth.
The capital invested will finance a further 200MW of commercial solar projects, while supporting strategic recruitment initiatives to maintain the company’s rapid growth momentum. This round of financing is a key step in strengthening Candi Solar’s position in the decentralized energy solutions sector.
Experience and Project Portfolio
Since its creation in 2018, Candi Solar has established itself as a major player in the energy sector in Asia and Africa. The company has a total contracted capacity of 112MW, with emblematic projects such as those for Airtel and Jindal Saw in India, and Schneider Electric in South Africa. South Africa is also an attractive country for solar energy companies, as demonstrated by AMEA Power’s recent investments.
Candi Solar has a broad geographical presence, with operations in 17 states and 2 union territories in India, as well as in 8 provinces in South Africa. This extensive coverage demonstrates our ability to meet the needs of major industrial players and deliver high-quality energy solutions.
Investor outlook and commitments
Bjørnar Baugerud, Head of the Climate Investment Fund at Norfund, expressed his enthusiasm for this strategic partnership with Candi Solar. “We are convinced that Candi Solar will play a key role in the growth of the C&I sector, and we look forward to working with their team to achieve their development goals,” he said.
Marie-Laure Mazaud, CEO of STOA Infra and Energy, emphasized that this additional investment reaffirms STOA’s commitment to the distributed energy sector. “We firmly believe that the solutions developed by Candi democratize access to solar energy for small and medium-sized businesses,” she said.
Expansion and Future Development
Ryotaro Yusu, President of Kyuden International Corporation, said the partnership would capitalize on new business opportunities in India and South Africa, markets experiencing rapid economic growth. This collaboration is designed to strengthen Candi Solar’s activities and extend their range of energy solutions.
This $38 million investment marks a decisive step for Candi Solar, strengthening its ability to develop commercial solar projects in India and South Africa. The commitment of Norfund, Kyuden International and STOA supports Candi Solar’s vision of becoming an essential leader in solar solutions for commercial and industrial customers.
