Norfund, STOA, and EEGF back Candi Solar’s expansion as it crosses $140 million in total capital raised, reinforcing its role as a key player in distributed solar for commercial and industrial clients.
Candi Solar, a distributed energy company revolutionizing clean power access for businesses in India and South Africa, has secured $24 million in fresh funding from its existing investors.
The latest round includes a $20 million convertible loan from Norfund and STOA, along with a $4 million top-up to its mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF), pushing the company’s total capital raised to over $140 million.
Operating in 22 Indian states and eight South African provinces, Candi Solar has deployed over 132 MWp of clean energy across 165 installations.
Its clientele features prominent names such as Avenues Supermart, Airtel, Jindal Saw, Eveready Industries, and Suryalakshmi Cotton Mills. The company is playing a pivotal role in reducing emissions and addressing high energy costs for energy-intensive operations in some of the world’s most carbon-heavy markets.
Notably, Candi’s open-access solar projects have bolstered its growth in India, with landmark projects like the 16.5 MW plant in Gujarat and a 20 MW project in Chhattisgarh. In 2024, the company was ranked among the top 3 rooftop solar developers in India by Bridge To India, backed by CRISIL.
“This funding reflects strong investor confidence in our mission to transform India’s commercial and industrial energy landscape,” said Nishant Sood, Managing Director – India at Candi Solar. “We’re solving the twin challenges of energy reliability and access to financing.”
Candi Solar’s performance-based business model emphasizes long-term partnerships where revenue is driven by actual results.
Its platform offers advanced monitoring, intelligent system upgrades, and proactive system management—ensuring clients receive consistent solar performance with minimal operational burden.
Expanding Offerings to Serve Broader Needs
To support its mission of unlocking capital and performance for businesses with existing solar setups, Candi recently launched:
- Solar Refi: A refinancing solution that monetizes existing solar assets while shifting system performance management to Candi.
- Solar Protect+: A performance-guaranteed service that allows Candi to manage, maintain, and optimize underperforming solar systems, protecting clients from downside risks.
“This round enables us to deepen our presence in key markets, grow our product offerings, and attract top talent,” said Fabio Eucalipto, Co-founder and Director at Candi. “It’s about building long-term structures that make clean energy scalable and investable in emerging economies.”
Strong Endorsements from Investors
Norfund highlighted Candi’s rapid growth, noting its doubled operational portfolio since their initial investment.
Sofie Kamsvåg, Investment Manager at Norfund, emphasized the need for scalable financing models in markets like India and South Africa, where energy demands are rapidly rising.
STOA Infra & Energy’s Antoine Durand echoed the sentiment, calling distributed energy critical for empowering small and medium-sized enterprises while helping reduce dependence on carbon-intensive grids.
Mark van Doesburgh, Deputy Head of Direct Investments at EEGF/Triple Jump, emphasized their commitment to scaling impact through Candi’s proven, performance-driven model, increasing their mezzanine facility to $9.7 million.
Eyeing the Future: Series D on the Horizon
Building on the momentum, Candi is now preparing for a Series D fundraising round in 2026, aimed at expanding its market footprint and further innovating clean energy delivery models for commercial and industrial clients.
As India and South Africa continue to face grid reliability challenges and rising energy costs, Candi Solar’s integrated and performance-focused approach positions it as a critical enabler in the global energy transition.