Candi Solar, a leader in solar power solutions for commercial and industrial clients, has successfully closed its Series C funding round, securing a substantial US$38 million in equity investment. This round was led by Norfund, Kyuden International, and STOA, underscoring strong investor confidence in Candi’s mission and growth potential.
The newly acquired equity capital will significantly fuel Candi Solar’s ambitious growth strategies. The company plans to finance an additional 200 MW of business solar projects and undertake strategic hiring initiatives to support its rapid expansion. Since its inception in 2018, Candi Solar has been committed to revolutionizing the energy landscape across Asia and Africa.
Leveraging its expertise as a solar engineer, financier, and operator, Candi Solar has emerged as a trusted partner for businesses seeking sustainable energy solutions. The company boasts a total contracted capacity of 112 MW, highlighting its leadership in the field and its dedication to enabling distributed energy infrastructure at scale.
Co-founder and Director Fabio Eucalipto expressed excitement about the company’s future, stating, “This round of growth capital propels us closer to emerging as the premier rooftop solar player in the commercial and industrial space across all our markets.” Candi Solar’s innovative solar and battery solutions, along with pioneering financial products, are set to power a more sustainable planet, one rooftop at a time.
Candi Solar’s impressive portfolio includes high-profile projects with clients like Airtel and Jindal Saw in India and Schneider Electric in South Africa. The company’s wide geographical presence, spanning 17 states and 2 union territories in India and 8 provinces in South Africa, affirms its commitment to serving diverse markets and delivering high-quality services and solutions.
Norfund’s investment in Candi Solar is seen as a commitment to driving sustainable development and the transition to renewable energy. Bjørnar Baugerud, head of the Climate Investment Fund in Norfund, emphasized their support for innovative solutions that provide renewable energy services to underserved markets. This partnership is set to help Candi Solar achieve its growth targets while maintaining high standards of business integrity, ESG, and health & safety practices.
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