Solar and battery solution company Candi Solar on Monday announced closing its Series C funding round of $38 million led by the Norwegian government’s investment fund Norfund, energy company Kyuden International, and existing impact investor STOA that focuses on infrastructure and energy sectors.
The company said it will use the capital for financing of an additional 200 MW of business solar projects and strategic hiring in the business to sustain its expansion.
Established in 2018, Candi offers solar and storage solutions to companies to help the latter reduce energy costs and improve business sustainability. The company claimed a total contracted capacity of 112 megawatts.
Speaking on the funding round, Fabio Eucalipto, Co-founder and Director of candi solar said, “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 is present in India and South Africa, including 17 states and 2 union territories in India and 8 provinces in South Africa. The company has implemented projects for Airtel and Jindal Saw in India and Schneider Electric in South Africa.
“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,” said Bjørnar Baugerud, Head of the Climate Investment Fund in Norfund.
Norfund’s committed portfolio totals $3.1 billion with direct and indirect investments in sub-Saharan Africa, Southeast Asia and Central America.
According to the data from market research firm Mordor Intelligence, the solar energy market in India is likely to grow at a compound annual growth rate of 19.80 per cent between 2024 and 2029. The country’s solar market was estimated at 79.07 GW by the end of 2024 and is expected to grow to 195.11 GW in five years.
