Candi Solar Raises $24 Million

Pick n Pay Eshowe, 264 kWp, South Africa

Zurich, July 21st, 2025 - Candi Solar, a leading distributed energy company simplifying clean power for businesses in emerging markets, has secured USD 24 million in fresh funding from its existing investors. The raise includes a USD 20 million convertible loan from Norfund and STOA, alongside a USD 4 million top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF). This round brings Candi’s total capital raised to over $140 million, reinforcing the company’s position as a long-term energy partner in some of the world’s most carbon-intensive energy markets.

In 2024, Candi was ranked among the top 3 rooftop solar developers in India, and its expansion into larger-scale open-access projects further strengthens its position as a full-spectrum energy provider for commercial and industrial clients.

Candi Solar has built a model that blends the capital expertise of international investors with the local know-how of an on-the-ground energy partner. Over the past 12 months alone, the company has added more than 60 MW to its active portfolio, including a landmark 16.5 MW open-access solar project in Gujarat, India. Its total contracted capacity now stands at 132 MW, with active operations in 22 Indian states and union territories, and eight provinces in South Africa.

This growth hasn’t just been about building more projects - it’s about redefining how solar works for businesses. As more companies adopt solar, a new challenge has emerged: making sure those systems actually deliver over time.

Performance Is the Product

Candi’s performance-based model focuses on reliable long-term partnerships where revenue is tied to results - not just installation. With advanced monitoring, intelligent upgrades, and hands-on system management, clients gain the confidence that their solar is delivering consistent value without the operational burden.

To meet this need, Candi has launched a suite of offerings tailored for businesses with existing solar:

• Solar Refi - a refinancing solution that unlocks capital from current assets while transferring performance oversight to Candi.
• Solar Protect+ - a performance-backed service where Candi guarantees performance by taking over performance management of underperforming assets, including operations, maintenance, and monitoring. Clients gain downside protection, while Candi is incentivised to deliver upside, with skin in the game.
  

Positioned for the Next Phase of Growth

“This round enables us to deepen our presence in core markets, expand our product suite, and continue to attract world-class talent,” said Fabio Eucalipto, Co-founder and Director at Candi.

“But more than that, it validates a long-term approach in a space often dominated by short-term thinking. This raise reflects something bigger than project growth - it’s about building the financial and operational structures that make clean energy investable at scale in emerging markets. Solar alone doesn’t solve the problem. It’s how you fund it, run it, and prove it works over time.”

“Since Norfund’s initial investment in Candi last year, the company has doubled its operational portfolio and is set to continue on this impressive growth trajectory. This is a testament to the success of Candi’s business model and the need for the innovative product solutions they provide to commercial and industrial clients in India and South Africa. These two markets face a rapidly growing demand for energy financing, and Candi’s offering contributes to these needs while avoiding large scale emissions. We appreciate the strong collaboration we continue to have with both management and other shareholders, and look forward to following the company’s continued success,” said Sofie Kamsvåg, Investment Manager in Norfund.

Antoine Durand, Investment Director at STOA Infra & Energy, highlighted the importance of this renewed investment in Candi Solar, stating: “It reinforces our commitment to expanding access to reliable and clean energy. By supporting Candi Solar’s innovative approach, we enable small and medium-sized businesses to overcome unreliable grids and reduce carbon-intensive power use. We believe distributed energy solutions like Candi’s are key to accelerating the energy transition in India and South Africa, delivering tangible economic and environmental benefits for local communities. As a shareholder since 2022, we value the trust and alignment with Candi’s management and co-investors, and are proud to stand alongside them as the company scales its impact.”

Mark van Doesburgh, Deputy Head Direct Investments at EEGF/Triple Jump: “We are proud to deepen our partnership with Candi by increasing our mezzanine facility to USD 9.7 million in total, which will finance growth and contribute to unlocking additional funding. As an existing shareholder, EEGF is committed to supporting Candi’s continued growth and innovation in distributed solar. The company plays an important role in the renewable energy transition for SMEs and other businesses in the markets it operates in. Candi’s performance-driven model and strong execution are delivering real impact-empowering businesses with reliable, cost-efficient and clean energy while reducing emissions.”

Looking Ahead: Series D Preparation

Riding the momentum of this latest raise, Candi is preparing for a high double-digit-million Series D round in 2026. The planned raise will support broader reach across its core markets and fund continued innovation in how clean energy is delivered and scaled in emerging markets.

Eveready Industries India ltd, 2.5 MWp, India

About Candi Solar

Candi Solar is a pioneering company specialising in highly customised, financially attractive and risk-free solar power solutions managed end-to-end, so our commercial and industrial clients in India and South Africa can transition to solar energy with confidence and peace of mind.

Leveraging its expertise as a solar engineer, financier, and operator, Candi Solar has distinguished itself as a leader in the field, with 165 installations across India and South Africa, generating over 132 MWp while mitigating an estimated 170,000 tons of CO2-equivalent emissions annually since its inception in 2018.

A trusted partner for businesses looking for sustainable energy solutions, Candi Solar’s impressive portfolio includes projects in India with Avenue Supermart, Airtel, Jindal Saw, Eveready Industries India Ltd, Suryalakshmi Cotton Mills, and Vellore Institute of Management while the company was also ranked among the Top 3 rooftop solar developers in India. The portfolio also extends to South Africa, with projects for industry leaders like Kings Park Stadium HQ, Schneider Electric, Toyota, and Pick ‘n Pay.

This success has inspired global investor confidence, with Candi Solar recently securing a substantial $38 million in equity investment from Norfund, Kyuden International and STOA to fund its growth and finance an additional 200 MW of commercial and industrial solar projects.

This propels Candi Solar closer to emerging as the premier rooftop solar player in the commercial and industrial space. It accelerates its purpose of powering a more sustainable planet, one business at a time.

For more information about Candi Solar and its innovative clean energy solutions, please visit us at www.candi.solar

About Norfund

Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. Norfund’s committed portfolio amounts to USD 3.8 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. For more details, please visit: www.norfund.no

About STOA

STOA is an infrastructure investment fund dedicated to financing and supporting the development of sustainable and resilient infrastructures in emerging markets. Its actions are guided by a long-term vision aimed at supporting essential projects in the energy, transportation, and telecommunications sectors, while contributing to the achievement of the United Nations Sustainable Development Goals (SDGs). STOA has deployed €650 million commitments in 22 investees and is currently transforming into a GP/LP structure. This new venture and the fundraising that goes with it will support new infrastructure projects and platforms across the globe.  For more information: www.stoainfraenergy.com

About EEGF / Triple Jump

The Energy Entrepreneurs Growth Fund (EEGF) was initially led by Shell Foundation, in collaboration with FMO, the Dutch entrepreneurial development bank. Over time, it gained steadfast support from reputed development institutions like FinDev Canada, the Development Bank of Austria (OeEB), The Nordic Development Fund (NDF), the United States International Development Finance Corporation (DFC), and the African Development Bank (AfDB). Managed by Triple Jump and advised by Persistent, EEGF offers customized mezzanine, equity, and debt investments, along with technical assistance, to early and growth-stage companies in Sub-Saharan Africa’s energy sector. EEGF expands last-mile energy access in underserved regions of Sub-Saharan Africa and India, driving socio-economic development and a just energy transition. By leveraging diverse capital, primarily risk-taking debt like mezzanine, it scales high-potential energy enterprises, fostering sustainable growth and improved livelihoods. Triple Jump is an impact-focused investment manager dedicated to creating positive change in emerging markets. Managing and advising on funds that generate both financial returns and social impact, Triple Jump operates across five key development themes: financial inclusion, SME finance, affordable housing, access to clean energy, and climate and nature. With a global presence and local expertise, the firm manages over €1 billion in assets, supporting projects that contribute to sustainable and inclusive financial sectors. Triple Jump has offices in Amsterdam, Nairobi, Lima, Mexico City, Tbilisi, and Bangkok.

Thaine Sasman Lead Asset Management at Riverside Estate Site, South Africa

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