Candi Solar, a Swiss solar power solutions supplier, has raised $38 million in its latest fundraising round, which will be used to drive its sustainable energy expansion aspirations in India and South Africa. Norfund, Kyuden International, and STOA lead the Series C fundraising round, demonstrating their strong support for Candi Solar’s aim to transform the Asian and African energy landscapes.
Revolutionizing the Energy Landscape Through Distributed Solar
Established in 2018, Candi Solar has carved a niche for itself in the clean energy sector by specializing in distributed solar power solutions for commercial and industrial (C&I) clients. The company’s core mission lies in enabling the widespread adoption of distributed energy infrastructure, a critical step towards a more sustainable future.
Candi Solar’s distinct approach combines expertise in solar engineering, financing, and operations. This comprehensive service portfolio has positioned them as a trusted partner for businesses seeking to implement effective and sustainable energy solutions. With a total contracted capacity of 112 MW, Candi Solar has cemented its place as a leader in the C&I solar space.
The organization has an excellent portfolio that comprises major industry giants such as Airtel and Jindal Saw in India and Schneider Electric in South Africa. These agreements strengthen Candi Solar’s reputation for providing high-quality services and tailored solutions that meet the unique needs of a diversified customer. Candi Solar’s footprint spans 17 Indian states and two union territories, as well as all eight South African provinces.
Fueling Growth with Strategic Investments
The $38 million injection of capital will serve as a significant growth catalyst for Candi Solar. The funds will be strategically deployed to facilitate the financing of an additional 200 MW of business solar projects, propelling the company’s ambitious expansion plans. Furthermore, a portion of the funding will be allocated towards strategic hiring initiatives to support Candi Solar’s rapid scaling endeavors.
Fabio Eucalipto, Candi Solar’s co-founder and director, expressed excitement about the company’s future possibilities following the successful investment round. As the worldwide trend toward decentralized electricity generation gathers traction, Eucalipto stated, “This new infusion of growth capital propels us closer to becoming the premier rooftop solar player in the C&I space across all of our markets.”
He went on to clarify on Candi Solar’s dedication to sustainability, saying, “Our cutting-edge solar and battery solutions, combined with pioneering financial products, enable us to achieve our core goal of accelerating the transition to a more sustainable planet, one rooftop at a time.” The recognition and support of new investors such as Norfund and Kyuden, together with the unshakable commitment of our existing shareholder STOA, motivates our determination to establish a strong multinational organization positioned for long-term prosperity.
Investor Confidence in Candi Solar’s Vision
Bjørnar Baugerud, head of the Climate Investment Fund at Norfund, highlighted the alignment between Norfund’s investment strategy and Candi Solar’s mission. “Norfund’s investment in Candi Solar underscores our commitment to driving sustainable development and accelerating the shift towards renewable energy sources. Through this collaborative partnership, we look forward to supporting innovative solutions that bring clean energy to underserved markets, while adhering to the highest standards of business integrity, environmental, social, and governance practices, and health and safety protocols. We are confident that Candi Solar will play a pivotal role in the development of the C&I solar sector, and we are eager to collaborate with their team and our co-investors to help them achieve their ambitious growth targets,” Baugerud stated.
Marie-Laure Mazaud, CEO of STOA Infra & Energy, reinforced the message of continuous support, highlighting the importance of their increased investment in Candi Solar. “The renewed investment in Candi Solar demonstrates STOA’s consistent commitment to the distributed energy industry. We are convinced that reducing greenhouse gas emissions extends beyond the establishment of large-scale production capacities at the national grid level. Candi Solar is contributing significantly to a more sustainable future by helping businesses to embrace on-site renewable energy generation,” Mazaud said.
Candi Solar’s accomplishment in securing this significant funding round marks a pivotal chapter in their journey. The company’s unwavering focus on innovation, strategic expansion plans, and commitment to sustainability position them to play a leading role in shaping the future of clean energy in India, South Africa, and beyond.
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