Team Startupcity

• $24 million funding led by Norfund, STOA, and EEGF
• Strengthens operations in India and South Africa's C&I solar markets
• Reaches 132 MW of contracted solar projects across 30 regions

Zurich-based distributed energy firm Candi Solar has raised $24 million to step up its solar energy ventures in India and South Africa. This includes a $20 million convertible loan from impact investors STOA and Norfund and a $4 million standby topping-up its existing mezzanine facility by the Energy Entrepreneurs Growth Fund (EEGF).

This new investment adds the company's total capital raised to more than $140 million and reaffirms its dedication to providing clean, reliable, and affordable energy to under-served commercial and industrial (C&I) customers in emerging economies.

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Established in 2018, Candi Solar offers complete solar solutions from design and financing to construction and operations. In the last year alone, it has built over 60 MW of new capacity, including a pioneering 16.5 MW open-access facility in Gujarat. The company's contracted solar footprint now totals 132 MW across 22 Indian states and 8 South African provinces.

Co-founder Fabio Eucalipto said the funding will help scale operations, diversify products, and strengthen organizational capacity. “We’re building financial and operational frameworks that make clean energy scalable and investable in emerging markets,” he said.

Candi Solar also provides distinctive services such as Solar Refi and Solar Protect+ to maximize asset performance and seize refinancing possibilities. With its sights set on securing a Series D round in 2026, the firm intends to continue to expand its presence and influence in clean energy technology.