Candi solar, a clean energy company specializing in solar power solutions for commercial and industrial (C&I) clients, has on Monday announced the successful funding round, securing $38 million in equity investment.

The round was led by Norfund, Kyuden International, and STOA, reflecting a vote of confidence in candi’s mission and growth trajectory, Candi said in a statement.

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

This investment also highlights the environmental advantages of supporting solar assets, mitigating an estimated 493,875 tons of carbon dioxide-equivalent emissions annually.

“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,” said Fabio Eucalipto, Co-founder and Director at candi solar.

“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 added.

Since its inception in 2018, candi solar has been committed to revolutionizing the energy landscape across Asia and Africa.

Leveraging its expertise as a solar engineer, financier, and operator, the firm has distinguished itself as a leader in the field, with a total contracted capacity of 112 MW.

The firm boasts an impressive portfolio highlighted by projects such as Airtel and Jindal Saw in India and Schneider Electric in South Africa, underscoring its ability to cater to the needs of prominent industry players, further solidifying its reputation for delivering high-quality services and solutions.

The firm has a wide geographical presence across India and South Africa, including 17 states and 2 union territories in India and 8 provinces in South Africa.

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

“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 (ESG), 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 added.

Marie-Laure Mazaud, Chief Executive Officer of STOA Infra and Energy, said 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. To accelerate the decarbonization 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 added.

Ryotaro Yusu, President of Kyuden InternationalCorporation, said that through this partnership, they 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,” he added.

Indian-founded Testsigma raises $8.2M led by MassMutual Ventures