Candi Solar raises $24 million from existing shareholders

Candi Solar, a distributed energy company simplifying clean power for businesses in emerging markets, has secured $24 million (R424m) in fresh funding from its existing investors. The raise includes a $20m convertible loan from Norfund and STOA, alongside a $4m top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund. This round brings Candi’s total capital raised to over $140m, reinforcing the company’s position as a long-term energy partner in some of the world’s most carbon-intensive energy markets.

With 165 installations across South Africa and India, and over 132 MWp in clean energy deployed, Candi Solar continues to play a critical role in helping South African businesses to overcome high energy costs and unstable electricity supply. Candi has active operations across the country, delivering impactful solar solutions for clients including Kings Park Stadium HQ, Schneider Electric, Pick ‘n Pay, Hi-Tech Inks, Toyota, and Bracken Timbers - where the solar installation has already saved R3m in just three years.

Fabio Eucalipto, the Co-founder and Director at Candi, said “This round enables us to deepen our presence in core markets, expand our product suite, and continue to attract world-class talent.” 

“But more than that, it validates a long-term approach in a space often dominated by short-term thinking. This raise reflects something bigger than project growth - it’s about building the financial and operational structures that make clean energy investable at scale in emerging markets. Solar alone doesn’t solve the problem. It’s how you fund it, run it, and prove it works over time.”

Sofie Kamsvåg, an investment manager in Norfund, said, “Since Norfund’s initial investment in Candi last year, the company has doubled its operational portfolio and is set to continue on this impressive growth trajectory. This is a testament to the success of Candi’s business model and the need for the innovative product solutions they provide to commercial and industrial clients in India and South Africa. These two markets face a rapidly growing demand for energy financing, and Candi’s offering contributes to these needs while avoiding large scale emissions."

BUSINESS REPORT