Swiss Firm Candi Solar Gets USD 38 Mn for Solar Growth and Strategic Hiring The fresh funding will support the financing of an additional 200 megawatts (MW) of business solar projects and facilitate strategic hiring initiatives.

Swiss clean energy company candi solar has announced that it raised USD 38 million in a Series C funding round led by Norfund, Kyuden International, and STOA.

Fabio Eucalipto, Co-founder and Director at candi solar, said, "Our innovative solar and battery solutions and pioneering financial products accelerate our purpose of powering a more sustainable planet, one rooftop at a time. This recognition from our new investors, Norfund and Kyuden, alongside the unwavering support of our existing shareholder STOA, fuels our commitment to building an international enterprise with a robust path to profitability."

As per the official release, the fresh funding will support the financing of an additional 200 megawatts (MW) of business solar projects and facilitate strategic hiring initiatives.

"Through this partnership, we would like to contribute to the further growth of candi. At the same time, we will try to capture new business opportunities in India and South Africa, where economic growth is rapid, and develop our energy solutions business," Ryotaro Yusu, President of Kyuden International Corporation, said.

Founded in 2018, candi solar has a portfolio of projects across India and South Africa and a total contracted capacity of 112 MW. Candi Solar has collaborated with businesses such as Airtel and Jindal Saw to provide rooftop solar solutions for their office buildings. It is present in 17 states and two union territories in India.

"Through the partnership, we look forward to supporting innovative solutions that provide renewable energy services to underserved markets while keeping high standards of business integrity, ESG, and health and safety practices," said Bjornar Baugerud, head of the Climate Investment Fund at Norfund.