Candi Solar, a solar power solution provider for commercial and industrial clients, has raised $38 million in an equity funding round led by Norfund, Kyuden International, and STOA, the firm said in a statement.
The new funding is aimed at facilitating the financing of an additional 200 MW of business solar projects and supporting strategic hiring initiatives to sustain its rapid expansion.
Candi Solar has raised a total funding of $4 million over five rounds, according to Tracxn.
The firm partners with businesses to provide end-to-end solar and battery solutions with a total contracted capacity of 112 MW across India and South Africa. The firm has projects such as Airtel and Jindal Saw in India and Schneider Electric in South Africa.
“We firmly believe that reducing greenhouse gas emissions should not be confined to developing large-scale production capacities at the national grid level. To accelerate the decarbonisation of electricity production, we are convinced of the need to promote the development, alongside these large capacities, of small-scale renewable electricity production units near commercial and industrial activities,” said Marie-Laure Mazaud, CEO of STOA Infra & Energy.
“We will try to capture new business opportunities in India and South Africa, where economic growth is rapid, and develop our energy solutions business,” said Ryotaro Yusu, President of Kyuden International Corporation.
India’s renewables sector has been attracting increasing foreign investment and is among its top industries for overseas funds, as it aims to align with the IEA’s proposed net-zero scenario. Think tank Ember’s analysis reveals that India requires additional financing of $101 billion to expand its renewable energy capacity further and align with the proposed net-zero solution.
Last month, Avaada Energy, the renewable energy arm of India’s Avaada Group, raised $143 million in green financing from India’s public sector lender the State Bank of India, while the International Finance Corporation (IFC) said it is considering a $125-million equity investment in Indian solar panel provider Fourth Partner Energy, according to a disclosure.