Solar energy company Candi Solar secures additional financing before embarking on Series D round
In a strategic move to bolster its presence in the rapidly growing solar markets of India and South Africa, Candi Solar has secured $24 million in fresh capital. The funding, which includes a $20 million convertible loan from Norwegian development finance institution Norfund and Paris-based impact investor STOA, and a $4 million mezzanine debt from the Triple Jump-managed Energy Entrepreneurs Growth Fund (EEGF), comes a little over a year after the company raised $38 million in a Series C round.
With this new capital, Candi Solar plans to deepen its operational footprint, scale business activities, and foster innovation and talent growth in these core emerging markets. The company, which currently manages end-to-end solar power solutions for commercial and industrial clients across 22 Indian states and union territories and eight provinces in South Africa, aims to meet the increasing demand for rooftop solar energy.
Key points of the expansion plan include building on recent growth, increasing the total contracted solar capacity, deploying a performance-based business model, expanding offerings like Solar Refi and Solar Protect+, and targeting innovation in clean energy solutions and talent acquisition.
Solar Refi, a refinancing solution for businesses with existing solar capacity, and Solar Protect+, a performance-based service to manage underperforming solar assets, are new services offered by Candi Solar. The rollout of these offerings expands the company's service offerings for businesses with existing solar capacity.
The introduction of Solar Refi and Solar Protect+ is a strategic move by Candi Solar to cater to a wider range of client needs. The company operates across two countries, generating over 132 MWp from 165 solar installations.
Candi Solar plans to conduct a Series D funding round in 2026, targeting a high double-digit million dollar raise to accelerate its expansion primarily in India and South Africa. The company aims to prepare for this larger funding round to support a broader reach across its core markets and invest in clean energy innovations to scale in emerging markets.
However, no exact fundraising target or specific investors for the upcoming Series D have been disclosed beyond this contextual information available as of mid-2025. The launch of Solar Refi and Solar Protect+ does not seem to be directly linked to the recent funding received by Candi Solar.
As Candi Solar continues to grow, it is poised to play a significant role in the transition towards sustainable, decentralized energy solutions in India and South Africa.
[1] BusinessWire. (2025). Candi Solar Secures $24 Million in Fresh Capital for Expansion in India and South Africa. [online] Available at: https://www.businesswire.com/news/home/20250601005484/en/Candi-Solar-Secures-24-Million-in-Fresh-Capital-for-Expansion-in-India-and-South-Africa
[2] Clean Energy Wire. (2025). Candi Solar expands in India and South Africa with $24 million funding. [online] Available at: https://www.cleanenergywire.org/news/candi-solar-expands-india-and-south-africa-24-million-funding
[3] Renewables Now. (2025). Candi Solar secures $24 million for expansion in India and South Africa. [online] Available at: https://www.renewablesnow.com/news/candi-solar-secures-24-million-for-expansion-in-india-and-south-africa-694527/
- With the newly acquired funds, Candi Solar will leverage finance within the renewable-energy industry to bolster its operation and scale business activities, focusing on innovation and talent growth in India and South Africa.
- To solidify its position in the solar market, Candi Solar plans to target the finance sector for a Series D funding round in 2026, aiming to raise a high double-digit million dollar capital to accelerate its expansion primarily in India and South Africa, and invest in clean energy innovations to scale in emerging markets.
