On Monday, the renewable energy company Candi Solar announced that it had raised $38 million, or roughly Rs 317 crore, in a new investment round. This venture is headed by Norfund.
In addition to facilitating strategic recruiting activities, the funds will enable the financing of an extra 200 megawatts (MW) of corporate solar projects.
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The company has a total contractual capacity of 112 MW and a portfolio of projects in South Africa and India. Candi Solar, an Indian company with a presence in 17 states and two union territories, has collaborated with businesses like as Airtel and Jindal Saw to provide rooftop solar solutions for their office buildings.
The rooftop solar potential of micro, small, and medium-sized enterprises (MSMEs) in India is estimated to be over 15 gigawatts (GW), a potential that has not yet been fully realized.
In meanwhile, government initiatives like the PM Surya Ghar Yojana seek to encourage the use of renewable energy sources by providing free electricity, low-interest loans, and subsidies for rooftop solar installations on residential properties.
Fabio Eucalipto, Co-founder and Director, Candi Solar, said: “As the world moves towards decentralized power generation, this growth capital brings us closer to becoming the leading rooftop solar player in the commercial and industrial space across all our markets,”
About Candi Solar
Founded in 2018 by Fabio Eucalipto, Candi Solar partners with businesses to provide simple, end-to-end solar & battery solutions. Our flexible approach, coupled with our financial expertise, enables us to tailor an offering to your exact needs.
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