Candi Solar lands $38 million in funding to expand clean energy in India and SA
Candi Solar, a clean energy company specializing in solar power solutions, announced that it had secured $38 million in equity investment in a successful funding round.
Norfund, Kyuden International, and STOA led the round. Candi Solar, according to its press release, plans to use the funding to accelerate clean energy expansion in India and South Africa.
Fabio Eucalipto, Co-founder and Director at Candi Solar, said, “As the world embraces decentralized 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.”
The Swiss company was recently ranked among India’s top 5 rooftop solar developers. It has a wide geographical presence across India and South Africa.
Read more: Solar power boosts India to record renewable energy growth
Acknowledging the investment, Fabio Eucalipto expressed, “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.”
Bjørnar Baugerud, head of the Climate Investment Fund in Norfund, said, “Norfund’s investment in Candi Solar is a commitment to driving sustainable development and the transition to renewable energy. 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, ESG, and health & safety practices.
Marie-Laure Mazaud, CEO of STOA Infra & Energy, also highlighted the significance of their additional investment. They added that the firm believes that “reducing greenhouse gas emissions should not be confined to the development of large-scale production capacities at the national grid level.”
The company reiterated that promoting small-scale renewable electricity production near commercial and industrial activities, alongside large-scale capacities, is essential to accelerate decarbonization.
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