Candi Solar receives 24 million dollars from investors

(CONNECT) Candi Solar has received 24 million dollars in fresh funding from existing investors, according to a statement. Existing investors Norfund and STOA are providing convertible bonds in the amount of 20 million dollars. Candi will also receive an increase of 4 million dollars in existing mezzanine capital from the Energy Entrepreneurs Growth Fund (EEGF).

With the new financing round, the solar company has raised a total of 140 million dollars from investors and is strengthening its position as a long-term energy partner for the world's most emission-intensive markets. Fabio Eucalipto, co-founder and director at Candi, explains the purpose of the funding: "The financing round will enable us to expand our presence in core markets, increase our product offering and remain attractive to highly qualified professionals"

In the past twelve months, Candi Solar has added 60 megawatts (MW) of solar power production to its portfolio, including a 16.5 MW solar project in Gujarat, India. The capacity of all responsible plants currently amounts to 132 MW, spread across 22 Indian states and eight South African provinces. Candi's core products are the refinancing solutions Solar Refi and Solar Protect+. The company model is focused on long-term partnerships and links income to results. Thanks to the company's own upgrades, system management and monitoring, customers can rely on constant added value from the installed solar system, according to Candi Solar.

The company is now preparing its Series D financing round for 2026, which is expected to raise funds in the high double-digit million range. The funds are intended to broaden access to its core markets and support innovation in the clean energy sector and scaling in growth markets.

Candi Solar specializes in highly customized, financially attractive and risk-free solar power solutions for industrial customers. It refers to over 165 installations in India and South Africa, which generate 132 megawatts of peak power annually and save an estimated 170,000 tons of CO2. ce/yes