New Delhi, July 22 -- Candi Solar, a solar rooftop developer that operates in India and South Africa, has secured $24 million (about Rs 207 crore) in fresh capital from its existing investors as it gears up for a larger funding round next year.
The renewable energy company said on Tuesday it raised $20 million in convertible loans from Norwegian development finance institution Norfund and Paris-based impact investor STOA. In addition, it secured a $4 million top-up to its existing mezzanine financing from the Triple Jump-managed Energy Entrepreneurs Growth Fund (EEGF), the company said.
The loans will convert into equity capital when the company raises its Series D round, a spokesperson told VCCircle.
The latest financing comes a little over a year after the company raised $38 million in an Series C round from a clutch of investors led by Norfund, with participation from Japan-based Kyuden International Corporation and STOA Infra & Energy.
The fresh funding will enable the company to deepen its presence in its core markets by expanding solutions to a broader client base and launch new products, the company said in a statement.
"We believe distributed energy solutions like Candi's are key to accelerating the energy transition in India and South Africa, delivering tangible economic and environmental benefits for local communities," said Antoine Durand, investment director at STOA Infra & Energy.
Candi Solar, founded in 2018, manages end-to-end solar power solutions for commercial and industrial clients in India and South Africa to transition to solar energy. The company has 165 solar installations that generate over 132 MWp (megawatt peak) across the two countries. It is also setting up an open-access 16.5 MW solar project in Gujarat and a 20 MW project in Chhattisgarh.
In India, Candi Solar's portfolio includes projects for companies such as DMart operator Avenue Supermart, Bharti Airtel, Jindal Saw, Eveready Industries India Ltd, Suryalakshmi Cotton Mills, and Vellore Institute of Management. In South Africa, it has executed projects for companies like Kings Park Stadium HQ, Schneider Electric, and Pick 'n Pay. The company operates across 22 Indian states and union territories and eight provinces in South Africa.
The fresh funding will prepare the company for a larger "double-digit-million" Series D round in 2026, to support broader reach across its core markets and invest in clean energy innovations to scale in emerging markets, Candi said.
The company has rolled out offerings suited for businesses with existing solar capacity - refinancing solution Solar Refi and performance-based service Solar Protect+, which manages underperforming assets.
Published by HT Digital Content Services with permission from VC Circle.