Candi Solar Secures $38M to Expand Green Energy Footprint in India and Africa

Candi Solar announced a $38 million funding round led by Norfund, Kyuden International, and STOA. The funds will support the expansion of its 112 MW green energy portfolio in India and Africa. The investment aims to finance 200 MW of new solar projects and strategic hires to accelerate growth.

Renewable energy firm Candi Solar revealed on Monday that it has secured $38 million (approximately Rs 317 crore) in a new funding round. This investment, led by Norfund, Kyuden International, and STOA, is set to expand the company's operations in India and Africa.

Candi Solar's current portfolio includes 112 MW of green energy projects in India, the company stated.

The company celebrated the successful closure of its Series C funding round, emphasizing that the $38 million equity investment reflects significant confidence in Candi's mission and growth trajectory, a company statement revealed.

The newly acquired funds will support Candi Solar's ambitious plans to finance an additional 200 MW of business solar projects. Additionally, the investment will facilitate strategic hiring to sustain the company's rapid expansion.

“As the world moves towards decentralized power generation, this growth capital brings us closer to becoming the leading rooftop solar player in the commercial and industrial space across all our markets,” stated Fabio Eucalipto, Co-founder and Director of Candi Solar.