Candi Solar raises $38 million for India and South Africa

Candi Solar, which specializes in solar solutions for commercial and industrial (C&I) clients, announced that it has closed a $38 million fundraising round. Norfund, Kyuden International and STOA led the transaction, demonstrating their confidence in Candi Solar’s mission and development.
The invested capital will fund another 200 MW 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 establishment 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 112 MW and has such iconic projects 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 evidenced by AMEA Power’s recent investments.
Candi Solar has a wide geographical presence with operations in 17 states and 2 union territories in India as well as 8 provinces in South Africa. This broad reach demonstrates our ability to meet the needs of major industrial players and deliver high-quality energy solutions.

Investor prospects and commitments

Bjørnar Baugerud, director of the climate investment fund at Norfund, expressed his enthusiasm for the strategic partnership with Candi Solar. “We are confident 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 our growth goals,” he said.
Marie-Laure Mazaud, CEO of STOA Infra and Energy, emphasized that this additional investment confirms STOA’s commitment to the distributed energy sector. “We deeply believe that the solutions developed by Candi democratize access to solar energy for small and medium-sized enterprises,” she said.

Expansion and future development

Ryotaro Yusu, president of Kyuden International Corporation, said the partnership will leverage new business opportunities in India and South Africa, markets experiencing rapid economic growth. This cooperation aims to strengthen Candi Solar’s business and expand its offer of energy solutions.
This $38 million investment represents 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 the indispensable leader in solar solutions for commercial and industrial customers.