A consortium led by the Norwegian development finance institution Norfund has led a $38-million investment into Swiss renewable energy company candi solar, which has a significant presence in India.
The Series C funding will help the company accelerate its expansion, candi solar said in a statement.
Norfund was joined in the funding round by the Japan-based Kyuden International Corporation, a member of Kyuden Group, and Paris-based impact investor STOA Infra & Energy.
Founded in 2018, candi solar executes solar power projects for commercial and industrial (C&I) clients. The company is looking to increase its capacity by 200 MW. At present, it has a total contracted capacity of 112 MW. Apart from adding capacity, the new money will also help candi solar hire more people to augment its workforce.
Candi solar is a leading rooftop solar company and has executed projects for companies like Bharti Airtel and Jindal Saw in India and Schneider Electric in South Africa. Its footprint is spread across 17 states and two union territories in India and eight provinces in South Africa.
“Norfund's investment in candi solar is a commitment to driving sustainable development and the transition to renewable energy,” siad Bjørnar Baugerud, head of the Climate Investment Fund at Norfund.
Marie-Laure Mazaud, CEO of STOA Infra & Energy, said the fund’s additional investment in candi solar reaffirms its commitment to the distributed energy sector. STOA had led candi’s Series B funding round in 2022.
Ryotaro Yusu, President of Kyuden International, said its investment in candi will help the solar energy company grow. “At the same time, we will try to capture new business opportunities in India and South Africa, where economic growth is rapid, and develop our energy solutions business.”
