• Candi Solar plans to raise “tens of millions” in new Series D funding by 2026.
• Current funds will deepen its footprint in South Africa and India’s fast-growing solar markets.
• The company targets innovation and talent growth to serve the rising demand from businesses.

Candi Solar, a specialist in decentralized solar energy, targets a fresh funding round to speed up expansion in South Africa and India. The company announced on July 21, 2025, that it plans to raise "tens of millions of dollars" in Series D financing through 2026.

This round aims to boost its presence in these two large markets, where commercial and industrial demand for solar energy continues to grow rapidly. The company has not disclosed the exact fundraising target or the investors involved.

Candi Solar will channel the new funds into scaling operations and fostering innovation. It focuses on deploying large-scale sustainable energy models in emerging markets. The company wants to make solar energy more affordable and accessible for local businesses.

Over $140 Million Funded to Date

Since its founding, Candi Solar has raised over $140 million to support its growth. The latest financing includes a $24 million tranche announced on July 21. Of that, Norfund, the Norwegian Investment Fund for Developing Countries, and STOA, a French sustainable infrastructure investor, provided a $20 million convertible loan. Additionally, the Energy Entrepreneurs Growth Fund (EEGF) extended $4 million in mezzanine debt.

“This round enables us to deepen our presence in core markets, expand our product suite, and continue to attract world-class talent,” said Fabio Eucalipto, co-founder and director at Candi. He emphasized that beyond these benefits, the investment confirms their long-term strategy in an industry frequently dominated by short-term thinking. To support this growth phase, the company also intends to increase its workforce.

Solar Growth Accelerates in Africa

The Global Solar Council (GSC) released the "Africa Market Outlook for Solar PV 2025-2028" report in March 2025. The report expects new solar installations in Africa to rise 42% in 2025 compared to 2024. This growth follows the launch of major projects delayed in previous years. South Africa and Egypt will remain Africa’s top solar markets.

This trend offers Candi Solar new opportunities, especially in the corporate segment. Businesses seek reliable solar energy solutions that reduce dependence on unstable public electricity grids.

This article was initially published in French by Chamberline Moko

Edited in English by Ange Jason Quenum