Candi Solar raises $24M to scale clean energy solutions across India and South Africa. Discover how this funding fuels the C&I solar sector’s biggest expansion yet.
Table of Contents
- Who is Candi Solar?
- Candi Solar Raises $24M: The Funding Rundown
- Why India and South Africa?
- Growth Plans Ahead of Series D
- The Role of Commercial & Industrial (C&I) Solar
- Global Clean Energy Market Trends
- Investors and Strategic Impact
- Challenges and Risk Landscape
Candi Solar Raises $24M in fresh capital, marking a significant milestone in the company’s mission to revolutionise solar adoption in emerging markets. This India–South Africa-based commercial & industrial (C&I) solar firm is rapidly scaling, bridging the clean energy gap in regions with high potential but infrastructure limitations.
The recent funding round supports Candi’s expansion into underserved C&I segments, while also setting the stage for an impactful Series D in 2026.
1. Who is Candi Solar?
Founded in 2018, Candi Solar is a decentralised solar energy company focused on providing rooftop and on-site solar systems to businesses and SMEs in India and South Africa. It combines digital platforms, financial solutions, and modular solar systems to lower the entry barrier for clean energy access.
With a current portfolio exceeding 100 MWp, Candi has become a key player in the C&I solar sector, particularly by enabling energy-as-a-service models.
2. Candi Solar Raises $24M: The Funding Rundown
The $24 million funding round—secured in early 2025—is led by global impact investors and clean-tech venture funds. While the full investor list remains undisclosed, it’s confirmed that both existing backers and new institutional players participated.
This investment will be directed toward:
- Scaling operations in India and South Africa
- Enhancing digital platforms and customer experience
- Building a stronger local engineering and servicing team
- Preparing for a larger Series D round by 2026
3. Why India and South Africa?
These two geographies represent massive untapped solar potential in the commercial and industrial space.
In India:
- C&I segment accounts for over 60% of power demand
- Rooftop solar installations for businesses have lower payback periods
- Government schemes and net metering support adoption
In South Africa:
- Businesses face chronic power outages (load-shedding)
- Diesel generator use is both costly and environmentally harmful
- Solar offers a stable and cost-effective alternative
4. Growth Plans Ahead of Series D
The $24M raise is a stepping stone to a larger Series D, planned for early 2026, which aims to:
- Expand into tier-2 and tier-3 Indian cities
- Deploy advanced AI-based monitoring for clients
- Invest in battery storage integration
Candi aims to triple its solar project portfolio by the time Series D is launched, moving from 100 MWp to 300 MWp.
5. The Role of Commercial & Industrial (C&I) Solar
C&I solar adoption in India and Africa is transforming how businesses manage energy. These systems offer:
- Cost savings up to 40–60%
- Energy independence
- Carbon footprint reduction
- Return on investment within 3–5 years
Candi Solar’s PPA (Power Purchase Agreement) model allows businesses to access solar with zero upfront costs—a key innovation.
6. Global Clean Energy Market Trends
According to IRENA and BloombergNEF:
- Global solar capacity could reach 5,000 GW by 2030
- C&I sector is growing at 13–15% CAGR
- Distributed solar + storage is expected to dominate emerging markets
Candi Solar’s approach aligns with these trends—modular, localised, and scalable.
7. Investors and Strategic Impact
While Candi hasn’t revealed all the investors in this round, insiders report participation from:
- ResponsAbility Investments
- Elea Foundation
- Climate-focused VC funds
Strategic funding like this provides more than money—it brings networks, credibility, and ESG-driven operational discipline.
Read how India’s solar financing is evolving:
8. Challenges and Risk Landscape
Even with growth, challenges persist:
- Regulatory risks (especially net metering in India)
- High capital costs in South Africa
- Currency volatility
- Need for local skilled workforce
To mitigate these, Candi is working closely with governments, energy regulators, and training institutions.
The headline “Candi Solar Raises $24M” isn’t just about numbers—it’s about a vision. A cleaner, decentralised, and financially inclusive energy future for businesses that drive national economies.
By focusing on C&I solar for underserved markets, Candi is not only scaling its impact but also redefining how businesses go solar.
With the right funding, smart partnerships, and tech-forward models, Candi Solar is set to become a renewable energy game-changer for the Global South.
