Candi Solar Raises $24 Mn From Norfund, STOA, EEGF; Total Funding Crosses $140 Mn

Switzerland-based distributed energy firm Candi Solar has raised $24 million from existing investors, taking its total capital raised to over $140 million. The latest round includes a $20 million convertible loan from Norfund and STOA, along with a $4 million top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF). The funding reinforces Candi’s position as a long-term energy partner in some of the world’s most carbon-intensive markets.

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The company is now preparing for a high double-digit-million Series D round in 2026, aimed at expanding its presence in core markets and supporting clean energy innovation in emerging economies.

In 2024, Candi expanded into larger open-access solar projects, strengthening its profile as a full-spectrum provider for commercial and industrial (C&I) clients. Its model combines international capital with local energy expertise. Over the past year, Candi added more than 60 MW to its active portfolio, including a 16.5 MW open-access solar projectin Gujarat, India. Its total contracted capacity now stands at 132 MW, with operations across 22 Indian states and union territories and eight provinces in South Africa.

Performance Is the Product

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Candi’s performance-based model focuses on long-term partnerships where revenue is tied to results - not just installation. With its monitoring, intelligent upgrades, and hands-on system management, clients gain the confidence that their solar is delivering consistent value without the operational burden.

To meet this need, Candi has launched a suite of offerings tailored for businesses with existing solar:

• Solar Refi - a refinancing solution that unlocks capital from current assets while transferring performance oversight to Candi.
• Solar Protect+ - a performance-backed service where Candi guarantees performance by taking over performance management of underperforming assets, including operations, maintenance, and monitoring. Clients gain downside protection, while Candi is incentivised to deliver upside, with skin in the game. 

Positioned for the Next Phase of Growth 

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

“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. We appreciate the strong collaboration we continue to have with both management and other shareholders, and look forward to following the company’s continued success,” said Sofie Kamsvåg, Investment Manager in Norfund. 

Antoine Durand, Investment Director at STOA Infra & Energy, highlighted the importance of this renewed investment in Candi Solar, stating: “It reinforces our commitment to expanding access to reliable and clean energy. By supporting Candi Solar’s innovative approach, we enable small and medium-sized businesses to overcome unreliable grids and reduce carbon-intensive power use. 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. As a shareholder since 2022, we value the trust and alignment with Candi’s management and co-investors, and are proud to stand alongside them as the company scales its impact.” 

Mark van Doesburgh, Deputy Head Direct Investments at EEGF/Triple Jump: “We are proud to deepen our partnership with Candi by increasing our mezzanine facility to USD 9.7 million in total, which will finance growth and contribute to unlocking additional funding. As an existing shareholder, EEGF is committed to supporting Candi’s continued growth and innovation in distributed solar. The company plays an important role in the renewable energy transition for SMEs and other businesses in the markets it operates in. Candi’s performance-driven model and strong execution are delivering real impact-empowering businesses with reliable, cost-efficient and clean energy while reducing emissions.”