The funding round was led by Norwegian investor Norfund ($20 million), French infrastructure and energy firm STOA Infra & Energy, and Japanese energy company Kyuden International Corporation.

Candi Solar specializes in financing, installing, and managing rooftop and ground-mounted solar power plants for C&I clients.

“We believe in promoting small-scale renewable energy production alongside large-scale projects to decarbonize electricity production,” said Marie-Laure Mazaud, Managing Director of STOA Infra & Energy.

“Candi’s solutions make solar energy accessible for small and medium-sized businesses,” she added, citing this as a reason for their continued investment in the company.

Candi Solar plans to use the $38 million to finance an additional 200 MW of solar projects and support strategic hiring to meet its rapid expansion.

The company currently boasts an installed capacity of 112 MW across India and South Africa.

In South Africa, Candi Solar has a presence in at least eight provinces, having installed a 135 kWp solar power plant for Schneider Electric in Gauteng, and a 1.2 MWp plant for Henbrie Boerdery, a farm in the Northern Cape.