- India’s Candi Solar, a leading distributed energy company simplifying clean power for businesses in emerging markets, has secured USD 24 million in fresh funding from its existing investors.
- The raise includes a USD 20 million convertible loan from Norfund and STOA, alongside a USD 4 million top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF).
- This round brings Candi’s total capital raised to over $140 million, reinforcing the company’s position as a long-term energy partner in some of the world’s most carbon-intensive energy markets.
Candi Solar has built a model that blends the capital expertise of international investors with the local know-how of an on-the-ground energy partner. Over the past 12 months alone, the company has added more than 60 MW to its active portfolio, including a landmark 16.5 MW open-access solar project in Gujarat, India. Its total contracted capacity now stands at 132 MW, with active operations in 22 Indian states and union territories, and eight provinces in South Africa.
This growth hasn’t just been about building more projects – it’s about redefining how solar works for businesses. As more companies adopt solar, a new challenge has emerged: making sure those systems actually deliver over time.
Author: Bryan Groenendaal
