By: Solar quarter

Distributed energy solutions provider Candi Solar has secured $24 million in funding from its existing investor base, taking its total capital raised to over $140 million. The latest infusion includes a $20 million convertible loan from Norfund and STOA, along with a $4 million mezzanine top-up from the Energy Entrepreneurs Growth Fund (EEGF).

This round reinforces Candi Solar’s growing presence as a long-term clean energy partner in two of the world’s most carbon-intensive energy markets—India and South Africa.

Growing Solar Footprint Across Emerging Markets

With 165 installations and more than 132 MWp of clean energy deployed to date, Candi Solar continues to enable commercial and industrial (C&I) businesses to lower operational costs, reduce carbon emissions, and improve power reliability. The company operates in 22 Indian states and union territories, as well as eight provinces in South Africa.

Candi’s client portfolio includes prominent names such as Airtel, Avenues Supermart, Jindal Saw, Eveready Industries India Ltd., and Suryalakshmi Cotton Mills. Its focus on open-access solar projects has also accelerated its growth, with landmark developments including a 16.5 MW solar plant in Gujarat and a 20 MW plant in Chhattisgarh.

In 2024, the company was recognized as one of the top three rooftop solar developers in India by Bridge to India, with support from CRISIL.

Commenting on the fundraise, Nishant Sood, Managing Director – India at Candi Solar, stated, “This funding reflects strong investor confidence in our mission to transform India’s commercial and industrial energy landscape. We’re not just delivering clean power—we’re solving critical challenges around reliability and financing.”

He added that the fresh capital will enable Candi to scale its current product offerings to a wider customer base while introducing tailored solutions aligned with evolving market needs.

Performance-Driven Solar Business Model

At the heart of Candi’s growth strategy lies its performance-based solar model, which ties revenue to actual system performance rather than mere installation milestones. The company provides automated monitoring, intelligent upgrades, and hands-on system management, allowing clients to benefit from reliable solar power with minimal operational overhead.

Two of Candi’s latest offerings are:

• Solar Refi: A refinancing solution that unlocks capital from operational solar assets while shifting ongoing performance responsibilities to Candi.
• Solar Protect+: A results-backed service in which Candi assumes complete operations and maintenance (O&M) of underperforming solar systems, offering clients downside protection and incentivizing optimal performance from the company.

Investor Endorsements Reflect Long-Term Vision

The new investment has been welcomed by existing stakeholders. Since Norfund’s initial investment last year, Candi has doubled its operational portfolio. “This is a testament to Candi’s innovative model and the market need it is addressing,” said Sofie Kamsvåg, Investment Manager at Norfund. “We’re proud to continue supporting the company’s growth in India and South Africa—markets facing increasing energy demand and financing gaps.”

Antoine Durand, Investment Director at STOA Infra & Energy, emphasized the importance of supporting distributed energy solutions like Candi’s. “This renewed commitment enables SMEs to move away from unreliable and carbon-intensive grids. Distributed solar is key to accelerating the clean energy transition while driving tangible benefits for local communities.”

EEGF, managed by Triple Jump, increased its mezzanine investment to $9.7 million. “Candi’s performance-driven model is delivering real impact for businesses by making clean energy accessible and dependable,” said Mark van Doesburgh, Deputy Head of Direct Investments at EEGF.

Preparing for Series D

Following this successful round, Candi Solar is preparing for a high double-digit-million Series D round in 2026. The upcoming raise is expected to fund the company’s deeper market penetration, product innovation, and organizational growth. 

Modules for Utility-Scale Solar Projects in MENA

Co-founder and Director Fabio Eucalipto noted, “This round validates a long-term strategy in an industry often driven by short-term goals. Our aim is to build operational and financial frameworks that make clean energy scalable and investable across emerging markets. Solar itself isn’t the only answer—it’s about how you finance it, manage it, and prove it delivers consistent value over time.”

With a proven model, strong investor backing, and expansion plans in motion, Candi Solar is poised to play a critical role in shaping the future of distributed solar energy for businesses in India, South Africa, and beyond.