candi solar completes $38mn series C round

Clean tech solar company candi solar has raised USD 38mn in equity for its series C round led by Norfund, Kyuden International and STOA.

Norfund invested $20mn through the Climate Investment Fund, which it manages.

The C&I company will use the financing to add an additional 200 MW of business solar projects in India and South Africa, so far its contracted capacity is 112 MW and has worked on projects with Airtel and Jindal Saw in India and Schnieder Electric in South Africa.

The company was established in 2018 and works in seventeen states in India and eight provinces in South Africa.