Funding News: Candi Solar Powers Ahead with $24 Million for Green Growth in India, Africa

Startup: Candi Solar

Founder: Fabio Eucalipto

About us: Candi Solar is a Zurich-based distributed solar energy company dedicated to delivering clean, affordable, and reliable power to underserved commercial and industrial (C&I) customers in emerging markets. With end-to-end services from design and financing to construction and operation the company enables sustainable energy adoption in India and South Africa.

Founded Year: 2018

Office: India

Sector: Solar Electric Power Generation

Funding Round: Bridge round (pre-Series D) or Series C

Investors: Norfund, STOA, EEGF

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.

Website: https://www.candi.solar