Candi Solar Raises $24M for Expansion

Key Figures & Findings: Distributed energy provider Candi Solar has raised $24 million from its existing investors to accelerate its clean energy projects in South Africa and India. The round includes a $20 million convertible loan from Norfund and STOA, as well as a $4 million mezzanine top-up from the Energy Entrepreneurs Growth Fund (EEGF). Co-founder Fabio Eucalipto emphasized that the company’s focus remains on building scalable financial and operational models. This strategy has earned Candi recognition as one of India’s top rooftop solar developers.

Statistics & Insights: The company has raised over $140 million to date and deployed 132 MWp of solar capacity across 165 installations in India and South Africa. Its customer base includes Airtel, Eveready Industries, and Avenues Supermart.

Future Implications: Candi Solar plans to launch a major Series D raise in 2026 to deepen market penetration and expand its commercial and industrial solar solutions. The company could significantly increase clean energy access in both markets by 2027.

Source: SolarQuarter