Candi Solar, a Zurich-headquartered clean energy company specializing in solar and battery solutions for businesses, has raised €20 million ($24M) in fresh funding.
The round includes a $20 million convertible loan from Norfund and STOA, along with a $4 million top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF). This latest capital injection brings Candi’s total raised funds to over $140 million (€120M).
Eyeing a major Series D in 2026
With the new funds, Candi plans to deepen its presence across core markets and invest in innovation for scalable clean energy delivery in emerging economies. The company is also preparing for a significant Series D round scheduled for 2026.
In 2024, Candi emerged as one of India’s top three rooftop solar developers. Their recent shift into large-scale open-access solar projects positions them as a full-service energy provider for industrial and commercial clients across India and South Africa.
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Over 132 MW deployed across India and South Africa
Since launching in 2018, Candi Solar has completed 165 installations and now boasts a contracted capacity of 132 MW across 22 Indian states and union territories, as well as eight provinces in South Africa. Notable partners include Airtel, Avenue Supermart, Jindal Saw, and Eveready Industries in India, and Pick ‘n Pay, Toyota, and Schneider Electric in South Africa.
Performance-backed solutions for existing solar customers
Candi’s business model emphasizes long-term, performance-based partnerships. It has also introduced tailored services for clients with existing solar setups:
- Solar Refi: Refinancing solution to unlock capital from current solar assets
- Solar Protect+: A service that guarantees system performance by managing underperforming assets, including maintenance and monitoring
A long-term strategy for scalable clean energy
“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. He emphasized that the funding reflects more than growth—it’s about creating the long-term financial and operational frameworks necessary to make clean energy scalable and investable in emerging markets.
Candi Solar’s approach blends international capital with local energy expertise, pushing forward a reliable, tech-enabled path toward commercial clean energy adoption.
