Candi Solar
Overview
Candi Solar is a leading clean energy company that specializes in distributed solar solutions tailored for commercial and industrial (C&I) businesses. Established in 2017 in Zurich, Switzerland, Candi Solar offers solar-as-a-service with zero upfront costs, focusing on high-growth markets like India and South Africa. The company has successfully raised over USD 200 million, with significant investments from the International Finance Corporation (IFC), Norfund, and STOA. Notable founders include Nishant Sood, Fabio Eucalipto, and Philippe Flamand.
Recent Developments
- November 2025: Candi Solar secured USD 58.5 million in funding from the IFC, marking the company's largest funding round to date. This syndication includes USD 6.5 million from the Canada-IFC Blended Climate Finance Platform and up to USD 42 million from IFC's own account. The funds will expand the company's portfolio, particularly in India and South Africa, pushing their total capital raised to over USD 200 million and reinforcing its standing as a trusted platform in the clean energy sector.
- July 2025: The company raised an additional USD 24 million, a fund that encompasses a USD 20 million convertible loan from Norfund and STOA alongside a USD 4 million infusion into its existing mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF). This increase built upon its position as a major energy provider in carbon-intensive markets.
- Expansion: Over the past 18 months, Candi Solar's portfolio expanded by over 220 MWp, with significant open-access solar projects completed in India, including a 16.5 MWp project in Gujarat and a 20 MW project in Chhattisgarh.
- Client Base: Candi Solar continues to enhance its market presence by providing solar solutions to leading companies such as International Flavors & Fragrances, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills.
- Future Plans: For 2026, Candi Solar aims to expand its contracted portfolio beyond 400 MWp across its core markets and deepen its product suite, including energy storage solutions.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | Zurich, Switzerland |
| Founders | Nishant Sood, Fabio Eucalipto, Philippe Flamand |
| Revenue | $7.17M (2023) |
| Profits | Information not publicly disclosed |
| Key Investors | IFC, Norfund, STOA, Aster |
| Industry | Clean Energy, Solar Power |
| Number of Employees | 55 (as of 2024) |
Early History
Candi Solar was founded in 2017 in Zurich, Switzerland by Nishant Sood, Fabio Eucalipto, and Philippe Flamand, with the vision to make solar energy more accessible and financially viable for smaller industrial clients. Initially, the company targeted the rooftop solar market in India, delivering modular solar systems that required no upfront financial commitments from users. By 2018, Candi Solar expanded its operations to South Africa, leveraging its innovative financing models to attract local businesses looking to reduce energy costs and carbon footprints.
Within their first two years, Candi raised USD 66 million from institutional investors such as Norfund and STOA. This influx of capital allowed them to expand rapidly, focusing on a growing portfolio of distributed solar projects that quickly totaled 102 MW across India and 30 MW in South Africa.
Company Profile and Achievements
Candi Solar’s business model revolves around the "Solar-as-a-Service" concept, which eliminates upfront costs for clients. The company provides end-to-end services from design and financing to installation and maintenance, catering especially to small-scale commercial and industrial entities.
- 2018: Raised initial rounds of funding, laying the groundwork for their "no upfront cost" solar systems.
- 2020: Completed several key projects in India and South Africa, marking significant growth in portfolio capacity.
- 2023-2025: Consistently ranked among the top three rooftop solar developers in India, Candi expanded its services to include large-scale, open-access solar projects. Notable projects include flagship installations for the automotive company Pricol and leading corporate headquarters such as Kings Park Stadium in South Africa.
- Partnerships and Growth: Candi engaged in strategic partnerships with international entities such as IFC, underscoring its capability to handle large-scale projects and drive significant renewable energy adoption across two continents.
Current Operations and Market Position
Candi Solar remains a prominent player in the clean energy space, with a steadily growing market share in both India and South Africa. The company's distinctive advantage lies in its no-cost solar solutions that greatly appeal to the financially constrained but increasingly sustainability-minded businesses in these regions.
Currently, Candi is focused on expanding its distributed generation portfolio and deploying innovative energy storage solutions to complement its solar offerings. Its strategic initiatives aim to push beyond a 400 MWp contracted capacity by 2026, ensuring that clients benefit from stable and predictable energy costs.
Conclusion
Candi Solar stands at the forefront of the distributed solar energy sector, bridging the gap between financial feasibility and clean energy adoption. Its innovative financing approach, combined with strategic geographical focus, positions the company as a pivotal contributor to the global energy transition. The continued development of its expansive project portfolio signals significant forthcoming milestones, highlighting an enduring commitment to sustainable and accessible energy solutions in emerging markets.