Renewable Energy Firm Candi Solar Obtains $38M Fund

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Swiss company Candi Solar has secured major funding to expand operations in India and Africa. 

Candi Solar, a renewable energy firm based in Zurich, Switzerland, announced the successful closure of its Series C funding round on Monday. It has secured USD 38 million in equity investment. The company’s statement indicated that three investors, Norfund, Kyuden International, and STOA, spearheaded the round, signifying their “confidence” in Candi’s objectives and expansion plans.

The injection of $38 million in equity capital will empower the company’s growth agenda, enabling the financing of an extra 200 MW of commercial solar projects and bolstering strategic hiring endeavours to uphold its expansion, as per the official announcement.

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Additionally, this investment underscores the environmental benefits of backing solar assets, reducing approximately 493,875 tonnes of CO2-equivalent emissions annually.

Currently, Candi Solar operates in India and South Africa, covering 17 states and 2 union territories in India and 8 provinces in South Africa. Its portfolio comprises green energy projects with a total capacity of 112 MW in the two countries.

The company’s Co-founder and Director, Fabio Eucalipto, expressed that in a world increasingly adopting decentralised power generation, this infusion of growth capital advances the company’s journey towards becoming a significant provider of rooftop solar solutions for commercial and industrial sectors in all their markets.

He added that the acknowledgement from new investors reinforces their focus on establishing an international enterprise with a solid route to profitability.

Bjørnar Baugerud, head of the Climate Investment Fund in Norfund, expressed anticipation for backing innovative solutions delivering renewable energy to underserved markets. He emphasised maintaining standards of business integrity, ESG, and health & safety practices and Candi Solar’s potential to impact the sector. 

STOA Infra & Energy CEO Marie-Laure Mazaud emphasised the necessity of advancing small-scale renewable energy production near commercial and industrial sites to accelerate decarbonisation. She highlighted Candi’s role in democratising solar energy access for small and medium-sized enterprises. 

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