Candi Solar has secured €44 million in financing from Pentagreen Capital to support its solar and battery storage projects in India. The funding is backed by a consortium including the Monetary Authority of Singapore, HSBC, Temasek, and various international development banks.
The capital will finance approximately 400MWp of solar and battery storage projects, including rooftop and ground-mounted installations. These initiatives aim to provide 560 gigawatt hours of renewable energy annually to 227 commercial and industrial customers, with SMEs accounting for 78% of the client base.
The company expects the projects to reduce carbon dioxide emissions by an estimated 397,000 tonnes per year. This investment is part of a broader strategy to reach over 1 GW of operational solar capacity within the next 24 months, with an additional equity round planned for early next year.
Founded in 2018 in Zurich, Candi Solar operates a turnkey model where it finances and manages energy infrastructure for businesses. The platform focuses on markets like India and South Africa, targeting sectors that contribute significantly to GDP but face challenges in accessing renewable energy.
