candi solar on Monday announced the successful closure of its Series C funding round, securing $38 million in equity investment. The round was led by Norfund, Kyuden International and STOA.

Since its inception in 2018, candi solar has been committed to revolutionising the energy landscape across Asia and Africa. It has a total contracted capacity of 112 megawatts (MW). The company specialises in solar power solutions for commercial and industrial (C&I) clients.

The equity capital investment of $38 million will fuel the company’s ambitious growth plans, facilitating the financing of an additional 200 MW of business solar projects and supporting strategic hiring initiatives to sustain its rapid expansion, candi solar said.

candi solar Co-founder and Director Fabio Eucalipto said as the world embraces decentralised power generation, this round of growth capital propels the company closer towards emerging as the premier rooftop solar player in the commercial and industrial space across all our markets.

This investment also highlights the environmental advantages of supporting solar assets, mitigating an estimated 493,875 tonnes of CO2-equivalent emissions annually.

“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,” he added.

Bjørnar Baugerud, the head of the Climate Investment Fund in Norfund, said “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 & safety practices. We are confident that candi solar will be a key contributor to developing the C&I sector, and we look forward to working with their team and our co-investors in helping achieve their growth targets.”

STOA Infra & Energy CEO Marie-Laure Mazaud said: “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. The solutions developed by candi make solar energy access more democratic for small and medium-sized enterprises. Aligned with STOA’s purpose, candi’s actions directly contribute to achieving sustainable development goals with a significant social and environmental impact.”

candi solar’s geographical presence is spread over India and South Africa, including 17 States and 2 Union Territories in India and 8 provinces in South Africa.