Candi Solar, a leading provider of clean energy solutions for businesses in emerging markets, has successfully raised $24 million in new funding from its existing investor base. This latest capital injection includes a $20 million convertible loan jointly provided by Norfund and STOA, as well as a $4 million increase to its existing mezzanine debt facility with the Energy Entrepreneurs Growth Fund (EEGF), which is managed by impact investment firm Triple Jump. With this round, Candi Solar’s total capital raised now exceeds $140 million.
The company has developed a unique business model that combines the financial strength and strategic insight of international investors with the operational expertise of local energy partners. This hybrid approach has enabled Candi to rapidly scale its operations and deliver reliable, clean, and cost-effective solar energy solutions to commercial and industrial (C&I) clients.
Over the past year alone, Candi has added more than 60 megawatts (MW) of capacity to its active portfolio. A standout achievement during this period was the commissioning of a 16.5 MW open-access solar project in Gujarat, India—one of the largest of its kind. The company’s total contracted capacity now stands at 132 MW, with operations spanning 22 states and union territories across India, as well as eight provinces in South Africa.
Sofie Kamsvåg, Investment Manager at Norfund, praised Candi’s rapid growth and strategic direction:
Since our initial investment last year, Candi has doubled its operational portfolio. This remarkable growth underscores the strength of their business model and the critical role they play in meeting the energy needs of C&I clients in India and South Africa. These markets are experiencing a surge in demand for sustainable energy financing, and Candi is uniquely positioned to meet that demand while helping to reduce large-scale emissions. We value our ongoing collaboration with the company and fellow investors and look forward to supporting Candi’s continued success.
Antoine Durand, Investment Director at STOA Infra & Energy, emphasized the broader impact of Candi’s work:
By backing Candi Solar’s innovative distributed energy model, we are helping small and medium-sized enterprises overcome unreliable grid infrastructure and reduce their reliance on carbon-intensive power sources. Distributed solar solutions like Candi’s are essential to accelerating the energy transition in India and South Africa, delivering both economic and environmental benefits to local communities. As a shareholder since 2022, we are proud to continue supporting Candi’s mission and growth.
Mark van Doesburgh, Co-founder of Triple Jump, highlighted the strategic importance of expanding their mezzanine facility:
We are pleased to deepen our partnership with Candi by increasing our mezzanine facility to a total of $9.7 million. This funding will support the company’s growth trajectory and help unlock additional capital. As an existing shareholder through EEGF, we are committed to enabling Candi’s continued innovation in distributed solar. Their performance-driven approach and strong execution are making a tangible impact—empowering businesses with clean, reliable, and affordable energy while contributing to emissions reduction.
