Candi Solar Raises €20M To Expand Clean Energy Reach

The round includes a $20M convertible loan from Norfund and STOA, plus a $4M top-up from the Energy Entrepreneurs Growth Fund (EEGF).

Candi plans to use the funds to expand in its core markets and improve how clean energy is delivered in emerging economies. A larger Series D round is expected in 2026.

In 2024, Candi ranked among the top 3 rooftop solar developers in India and is now entering larger open-access energy projects to serve businesses more completely.

Candi Solar provides simple, affordable, and risk-free solar power solutions for businesses in India and South Africa. The company manages everything—from design to installation—so clients don’t have to worry about a thing.

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Founded in Switzerland, Candi combines global investor capital with strong local expertise. Over the past year, it has added 60+ MW to its portfolio, including a major 16.5 MW open-access solar project in Gujarat, India.

Candi now has a total contracted capacity of 132 MW, operating across 22 Indian states and 8 provinces in South Africa. Since launching in 2018, the company has completed 165 solar installations, generating over 132 MWp and cutting around 170,000 tons of CO2 emissions annually.

In India, its clients include Airtel, Avenue Supermart, Jindal Saw, Eveready Industries, and VIT. In South Africa, it has worked with Schneider Electric, Toyota, Kings Park Stadium HQ, and Pick ‘n Pay.

Candi uses a performance-based model, meaning it earns revenue based on how well the solar system performs—not just from the installation.

This approach builds long-term, reliable partnerships with clients. With smart monitoring, regular upgrades, and expert system management, businesses get consistent solar power without having to worry about day-to-day operations.

“This round enables us to deepen our presence in core markets, expand our product suite, and continue to attract world-class talent,” says Fabio Eucalipto Co-founder and Director at Candi.

“But more than that, it validates a long-term approach in a space often dominated by short-term thinking. This raise reflects something bigger than project growth – it’s about building the financial and operational structures that make clean energy investable at scale in emerging markets. Solar alone doesn’t solve the problem. It’s how you fund it, run it, and prove it works over time,” adds Eucalipto.

About Candi Solar

Founded in 2018, Candi Solar delivers simple, end-to-end solar and battery solutions for businesses. Candi uses a performance-based model, meaning it earns revenue based on how well the solar system performs—not just from the installation.