Candi Solar raises USD 38m for distributed solar in India, S Africa

Zurich-based Candi Solar, which provides solar to businesses in India and South Africa, has obtained an equity investment of USD 38 million (EUR 35.2m) to drive its growth plans.

The funding, announced this week, was led by new investors Norfund and Kyuden International, and existing shareholder French impact investor STOA. Norfund, the Norwegian investment fund for developing countries, is investing USD 20 million. Kyuden International is the overseas arm of Japanese energy company Kyuden Group.

Candi Solar says it has a total contracted distributed solar capacity of 112 MW. The company will use the new capital to support the financing of an additional 200 MW of business solar projects, as well as strategic hiring initiatives.

"As the world embraces decentralised power generation, this round of growth capital propels us closer towards emerging as the premier rooftop solar player in the commercial and industrial space across all our markets,” says Fabio Eucalipto, co-founder and director at candi solar.

“Our innovative solar and battery solutions and pioneering financial products accelerate our purpose of powering a more sustainable planet, one rooftop at a time,” Eucalipto added.

(USD 1 = EUR 0.927)

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