Renewable energy firm Candi Solar secures USD 38 mn funding

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Candi Solar

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New Delhi: Renewable energy company Candi Solar on Monday announced that it has secured USD 38 million (around Rs 317 crore) in a funding round led by Norfund, Kyuden International, and STOA to expand its business in India and Africa.

Its portfolio includes 112 MW capacity of green energy projects, including in India, the company said in a statement.

The company "announces the successful closure of its series C funding round, securing USD 38 million in equity investment. The round was led by Norfund, Kyuden International, and STOA, reflecting a vote of confidence in Candi's mission and growth trajectory," the statement said.

The equity capital investment of USD 38 million will fuel the company's ambitious growth plans, facilitating financing of an additional 200 MW of business solar projects and supporting strategic hiring initiatives to sustain its rapid expansion.

"As the world embraces decentralised power generation, this round of growth capital propels us closer towards emerging as the premier rooftop solar player in the commercial and industrial space across all our markets, Fabio Eucalipto, Co-founder and Director of Candi Solar, said.