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Candi Solar Raises $24 Million to Expand Clean Energy Projects in India and South Africa

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Candi Solar, a company that supplies clean energy to businesses in developing countries, has raised $24 million in new funding from its current backers.

The funds include a $20 million convertible loan provided by Norfund and STOA, along with an additional $4 million added to an existing mezzanine facility from the Energy Entrepreneurs Growth Fund (EEGF), managed by Triple Jump.
 
This latest round brings Candi’s total capital raised to more than $140 million.

The company operates by combining international financial expertise with local energy implementation partners.
 
In the last year, Candi Solar has increased its operational capacity by over 60 megawatts. This includes a significant 16.5 MW open-access solar installation in Gujarat, India.
 
The firm now has a total contracted capacity of 132 MW and is active in 22 Indian states and union territories, as well as in eight provinces across South Africa.

Sofie Kamsvåg, an investment manager at Norfund, noted that Candi has doubled its operating portfolio since Norfund first invested.
 
She said the company’s business model is proving successful and is meeting the growing need for clean energy financing in India and South Africa, helping to reduce carbon emissions.

STOA’s investment director, Antoine Durand, emphasized that their support for Candi allows small and mid-sized companies to rely less on unstable electricity grids and reduce fossil fuel use.
 
He stated that decentralized energy systems like those offered by Candi are vital to driving the energy transition in both countries and benefiting local communities.

Mark van Doesburgh, co-founder of Triple Jump, shared that the firm increased its total mezzanine support to $9.7 million to help Candi grow and attract more investment.
 
He highlighted the company’s role in helping small and medium-sized businesses access reliable, low-cost, and clean power, which contributes to cutting emissions and promoting sustainability.

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