Clean energy company candi solar has successfully closed its Series C funding round, securing $38-million in equity investment.

The round was led by Norfund, Kyuden International, and STOA Infra and Energy.  

As a solar engineer, financier and operator, candi solar has a total contracted capacity of 112 MW. The company highlights its wide geographical presence across South Africa and India, including eight provinces in South Africa, and 17 states and two union territories in India.

The equity capital investment of $38-million will support the company’s growth plans, facilitating the financing of an additional 200 MW of business solar projects and supporting strategic hiring initiatives to sustain its rapid expansion.

“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 candi solar co-founder and director Fabio Eucalipto.

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

“This recognition from our new investors, Norfund and Kyuden, alongside the unwavering support of our existing shareholder STOA, fuels our commitment to building an international enterprise with a robust path to profitability,” he adds.

“Norfund's investment in candi solar is a commitment to driving sustainable development and the transition to renewable energy,” says Norfund Climate Investment Fund head Bjørnar Baugerud.

“Through the partnership, we look forward to supporting innovative solutions that provide renewable-energy services to underserved markets while keeping high standards of business integrity; environmental, social and governance; and health and safety practices.

“We are confident that candi solar will be a key contributor to developing the C&I sector, and we look forward to working with their team and our co-investors in helping achieve their growth targets,” he adds.

“This additional investment in candi solar reaffirms STOA’s commitment to the distributed energy sector. We firmly believe that reducing greenhouse-gas emissions should not be confined to the development of large-scale production capacities at the national grid level,” comments STOA Infra and Energy CEO Marie-Laure Mazaud.

“To accelerate the decarbonisation of electricity production, we are convinced of the need to promote the development, alongside these large capacities, of small-scale renewable electricity production units near commercial and industrial activities.

“The solutions developed by candi make solar energy access more democratic for small and medium-sized enterprises. Aligned with STOA’s purpose, candi's actions directly contribute to achieving sustainable development goals with a significant social and environmental impact,” she adds.

“As an important step to India and Africa, we are very excited about the partnership with candi. Through this partnership, we would like to contribute to the further growth of candi. At the same time, we will try to capture new business opportunities in India and South Africa, where economic growth is rapid, and develop our energy solutions business,” says Kyuden president Ryotaro Yusu.