Series C · Climate tech
Candi Solar raises $38 million Series C for business solar projects
The Climate Investment Fund managed by Norfund, Kyuden International and STOA led the equity financing.
Candi Solar closed a $38 million Series C round announced on June 10, 2024. The Climate Investment Fund, managed by Norfund, invested $20 million as part of the round, with Kyuden International and STOA also leading the financing.
The capital will support an additional 200 MW of commercial and industrial solar projects and hiring to expand the business. Candi serves customers in India and South Africa through solar and storage financing models that combine engineering, funding and operation of the installations.
Use of funds
Finance an additional 200 MW of commercial and industrial solar projects
Recruit staff to support growth