Candi Solar Secures $24 Million From Existing Shareholders Total Funding Surpasses $140 Million

With over 132 MWp of clean energy deployed across 165 installations, Candi is emerging as a long-term energy partner in some of the world’s most carbon-intensive regions. The company operates across 22 Indian states and union territories and eight provinces in South Africa, catering to prominent clients such as Airtel, Jindal Saw, Avenues Supermart, Eveready Industries, and Suryalakshmi Cotton Mills.

Candi’s momentum in India is backed by major open-access solar projects, including a landmark 16.5 MW project in Gujarat and a 20 MW project in Chhattisgarh. In recognition of its growth, the company was ranked among the top 3 rooftop solar developers in India in 2024 by Bridge To India, supported by CRISIL.

“This funding reflects strong investor confidence in our mission to transform India’s commercial and industrial energy landscape,” said Nishant Sood, Managing Director – India, Candi Solar. “We’re not just delivering clean power; we’re solving the twin challenges of energy reliability and access to financing.”

Candi has also launched innovative offerings tailored to businesses with existing solar assets:

• Solar Refi: A refinancing solution that releases capital while transferring performance management to Candi.

• Solar Protect+: A performance-backed service guaranteeing solar performance through Candi’s active management and monitoring.

Co-founder and Director Fabio Eucalipto added, “This round enables us to deepen our presence in core markets, expand our product suite, and continue to attract world-class talent. It validates a long-term approach in a space often driven by short-term thinking.”

Investors echoed similar sentiments:

• Sofie Kamsvåg, Investment Manager at Norfund, noted Candi’s doubling of operational capacity since their initial investment.

• Antoine Durand of STOA Infra & Energy said the investment supports small and medium-sized businesses in overcoming unreliable grids and cutting carbon use.

• Mark van Doesburgh of EEGF/Triple Jump highlighted Candi’s ability to deliver real impact and reduce emissions through reliable, affordable solar power.

Looking ahead, Candi Solar is gearing up for a high double-digit-million Series D round in 2026 to further accelerate its growth and deepen its impact across emerging markets.