Candi Solar Secures $38 Million Investment to Expand Solar Projects

Candi Solar, a Swiss energy startup, has successfully secured $38 million in a Series C funding round led by Norfund, Kyuden International, and STOA. This substantial investment aims to accelerate the company’s expansion in clean energy across India and South Africa. Founded in 2018, Candi Solar focuses on providing solar power solutions to commercial and industrial (C&I) clients, with a current contracted capacity of 112 MW spread across India and South Africa.

The new funds will support the financing of an additional 200 MW of business solar projects and facilitate strategic hiring initiatives to sustain rapid growth. Candi Solar has already made significant strides, with notable projects for clients such as Airtel, Jindal Saw in India, and Schneider Electric in South Africa. The company’s innovative approach has positioned it as a top player in the rooftop solar sector, especially in India, where it operates in 17 states and two union territories.

This investment underscores a strong commitment to driving sustainable development and expanding renewable energy access in underserved markets. Investors like Norfund and STOA highlight the importance of Candi Solar's role in reducing greenhouse gas emissions and promoting small-scale renewable energy production, which aligns with global sustainability goals​