Candi Solar, a pioneering renewable energy firm, recently announced a significant milestone in its journey towards sustainable energy solutions. The company successfully closed a $38 million Series C funding round, spearheaded by Norfund, a leading player in the investment landscape.
The infusion of capital marks a pivotal moment for Candi Solar, poised to accelerate its mission of driving the adoption of solar power across corporate landscapes. With the new funding, the company is primed to expand its reach and impact by financing an additional 200 megawatts (MW) of corporate solar projects.
Established in 2018 by Fabio Eucalipto, Candi Solar has swiftly emerged as a key player in the renewable energy sector, boasting a diverse portfolio of projects spanning South Africa and India. With a contractual capacity of 112 MW, the company has been instrumental in pioneering rooftop solar solutions for esteemed partners such as Airtel and Jindal Saw.
With its vast potential for solar energy utilization, India presents a lucrative market for companies like Candi Solar. Micro, small, and medium-sized enterprises (MSMEs) alone possess a rooftop solar potential exceeding 15 gigawatts (GW), underscoring the untapped opportunities in the sector.
In parallel, government initiatives like the PM Surya Ghar Yojana are fostering a conducive environment for renewable energy adoption. The government is catalysing the transition towards sustainable energy sources by incentivizing rooftop solar installations through schemes offering free electricity, low-interest loans, and subsidies.
Fabio Eucalipto, Co-founder, and Director of Candi Solar expressed his enthusiasm about the funding round, stating, “As the world moves towards decentralized power generation, this growth capital brings us closer to becoming the leading rooftop solar player in the commercial and industrial space across all our markets.”
Candi Solar’s commitment to simplicity, financial acumen, and tailored solutions has been instrumental in its rapid ascent in the industry. By partnering with businesses and offering end-to-end solar and battery solutions, the company is driving tangible progress towards a greener future.
As Candi Solar continues to expand its footprint and impact, the recent funding round underscores investor confidence in the company’s vision and its potential to revolutionize the renewable energy landscape.
About Candi Solar: Founded in 2018 by Fabio Eucalipto, Candi Solar provides simple, end-to-end solar and battery solutions for businesses. With a flexible approach and deep financial expertise, the company customizes offerings to meet the precise needs of its clients, cementing its position as a frontrunner in the renewable energy sector.
