Switzerland-headquartered solar solutions provider Candi Solar has raised $24 million (~₹2.06 billion) from Norfund, STOA, and the Energy Entrepreneurs Growth Fund (EEGF) to fund new solar power projects in India and South Africa.

This fundraising includes a $20 million (~₹1.7 billion) convertible loan from Norfund and STOA, as well as a $4 million (~₹344.59 million) top-up to its existing mezzanine facility with the EEGF.

After this round, the company’s total capital raised has grown to over $140 million (~₹12.06 billion).

Last June, Candi Solar had secured $38 million in equity investment from Norfund, Kyuden International, and STOA to fund 200 MW of commercial and industrial solar projects in India and South Africa.

Founded in 2018, Candi Solar offers energy solutions as a solar engineer, financier, and operator.

The company has 102 MW of clean energy projects in India and 30 MW in South Africa. It operates in 22 Indian states and union territories, as well as in eight provinces in South Africa.

The company’s notable projects include a 16.5 MW solar open access project in Gujarat and a 20 MW open access project in Chhattisgarh.

Candi is preparing for a high double-digit-million Series D round in 2026. The planned raise will support a broader reach across its core markets and fund continued innovation in how clean energy is delivered and scaled in emerging markets.

Total global corporate funding for the solar sector dropped by 39% year-over-year to $10.8 billion in the first half of 2025 from $17.6 billion, according to Mercom India’s 1H and Q2 2025 Solar Funding and M&A Report. The number of deals also decreased by 11% to 78 deals from 88 during the same period last year. The dip in funding has been attributed to market uncertainty arising from policy changes by the Trump administration.