Funding
Convertible loan · Climate tech

Candi Solar secures $20 million convertible loan from Norfund and STOA

The additional financing supports distributed solar projects in India and South Africa.

By RoundOS Funding desk

Candi Solar announced a $20 million convertible loan from Norfund and STOA on July 21, 2025. The funding supports the company’s distributed solar projects for commercial and industrial customers.

The loan was announced alongside a separate $4 million increase to an EEGF mezzanine facility.

Use of funds

Finance distributed solar development for commercial and industrial customers in India and South Africa

Funding history

Convertible loan · This round$20M
Debt facility increase~$18MSeries C$38MGreen bond financing$5MDebt facility increase~$14MSeries BUndisclosedMulticurrency loan facility~$10MConvertible note offering≤$4.2MJunior loan$3MSeries AUndisclosedCrowdfunded senior loan€125KSeedUndisclosed

Sources

  1. Candi Solar raises24millioncandi.solar · Jul 21, 2025
  2. stoainfraenergy.com

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