Zurich-based Candi Solar, a distributed energy company simplifying clean power for businesses, has secured $24M (approximately €20M) in fresh funding from its existing investors, bringing the total capital raised to over $140M (approximately €120M).
The raise includes a $20M convertible loan from Norfund and STOA, alongside a $4M top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF).
The Swiss company is also preparing for a high double-digit-million Series D round in 2026.
The company will use the funds to support for broader reach across its core markets and fund continued innovation in how clean energy is delivered and scaled in emerging markets.
In 2024, Candi was one of the top three rooftop solar developers in India. Its move into larger open-access projects strengthens its role as a complete energy provider for businesses.
Candi Solar: End-to-end solar & battery solutions
Candi Solar offers customised, affordable, and risk-free solar power solutions. We handle everything from start to finish, making it easy for commercial and industrial clients in India and South Africa.
The Swiss company has built a model that blends the capital expertise of international investors with the local know-how of an on-the-ground energy partner.
Over the past 12 months, the company has added more than 60 MW to its active portfolio, including a landmark 16.5 MW open-access solar project in Gujarat, India.
Its total contracted capacity now stands at 132 MW, with active operations in 22 Indian states and union territories, and eight provinces in South Africa.
They manage the entire process from start to finish, making it easy for commercial and industrial clients in India and South Africa.
Since its launch in 2018, Candi Solar has completed 165 installations, generating over 132 MWp and helping to reduce CO2-equivalent emissions by approximately 170,000 tons each year.
The company’s portfolio includes projects with well-known companies in India, such as Avenue Supermart, Airtel, Jindal Saw, Eveready Industries, and Vellore Institute of Management.
The company has been recognised as one of the top three rooftop solar developers in India.
Additionally, in South Africa, Candi Solar has worked with major organisations like Kings Park Stadium HQ, Schneider Electric, Toyota, and Pick ‘n Pay.
Performance-based model
Candi’s performance-based model focuses on reliable long-term partnerships where revenue is tied to results, not just installation.
With advanced monitoring, intelligent upgrades, and effective system management, clients can ensure their solar systems operate efficiently and provide consistent value without the stress of ongoing operational concerns.
Consequently, the company 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.
“This round enables us to deepen our presence in core markets, expand our product suite, and continue to attract world-class talent,” says 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,” adds Eucalipto.
