Candi Solar Secures $38 Million in Funding to Accelerate Clean Energy Expansion

candi solar
Preeti Bali / 6:56 am / June 11, 2024

Candi Solar, a leading provider of solar power solutions for commercial and industrial businesses (C&I), has achieved a significant milestone by securing $38 million in its Series C funding round. This investment, led by Norfund, Kyuden International, and STOA, reinforces Candi Solar’s commitment to transforming the energy sector across Asia and Africa.

Established in 2018, Candi Solar has consistently focused on building large-scale distributed energy infrastructure. This dedication has positioned them as a trusted partner for businesses seeking environmentally friendly energy solutions. By leveraging their expertise in solar engineering, finance, and operations, Candi Solar has become a frontrunner in the industry, boasting a total contracted capacity of 112 MW.

The company’s impressive portfolio includes projects for renowned clients like Airtel and Jindal Saw in India, along with Schneider Electric in South Africa. These collaborations demonstrate Candi Solar’s ability to cater to the needs of prominent industry players, solidifying their reputation for delivering top-notch services and solutions.

Fueling Growth and Expansion

The $38 million investment serves as a springboard for Candi Solar’s ambitious growth plans. This capital injection will enable the financing of an additional 200 MW of commercial solar projects and support strategic hiring initiatives to maintain their rapid expansion.

Fabio Eucalipto, Co-founder and Director at Candi Solar, expressed his excitement about the company’s future, stating, “As the world embraces decentralized power generation, this funding propels us closer to becoming the leading rooftop solar player for the commercial and industrial sector across all our markets.”

Eucalipto further emphasized Candi Solar’s dedication to sustainability: “Our innovative solar and battery solutions, along with pioneering financial products, accelerate our mission of powering a more sustainable future, one rooftop at a time. This recognition from new investors like Norfund and Kyuden, alongside the unwavering support of our existing partner STOA, fuels our commitment to building a global enterprise with a clear path to profitability.”

Investor Confidence in Candi Solar’s Vision

Bjørnar Baugerud, head of the Climate Investment Fund at Norfund, highlighted their investment’s significance: “Norfund’s involvement in Candi Solar reflects our commitment to driving sustainable development and the shift towards renewable energy. Through this partnership, we aim to support innovative solutions that provide clean energy access to underserved markets while maintaining high standards for business integrity, environmental, social, and governance (ESG), and health & safety practices. We are confident that Candi Solar will be a key player in developing the C&I sector, and we look forward to collaborating with their team and our co-investors to achieve their growth targets.”

Marie-Laure Mazaud, Chief of STOA Infra and Energy, reaffirmed their obligation to the circulated energy area with their extra interest in Candi Sun based. “This further speculation highlights STOA’s commitment to the appropriated energy area,” Mazaud expressed. “We solidly accept that lessening ozone depleting substance emanations ought not be restricted to growing enormous scope creation limits at the public lattice level.”


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