Candi Solar
Zurich company that finances, builds and operates solar plants and batteries for commercial and industrial customers in emerging markets.
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Podcast Episode
🎙️ Deep Dive
Alethio, Candi Solar, Vensum Power — $90M for therapies, $50M for solar and €9M for power efficiency — Daily News November 6, 2026
Listen to the episodeAbout Candi Solar
Candi Solar is a distributed-energy company founded in 2018 and headquartered in Zurich, led by co-founder Fabio Eucalipto. It finances, builds and operates rooftop, ground-mounted and open-access solar plants and battery storage for commercial and industrial customers in India and South Africa: businesses pay for the power produced without investing upfront. It reports more than 340 MW contracted across over 185 installations and more than $200 million raised from development finance institutions and infrastructure investors, including shareholders Norfund, STOA Infra & Energy and Kyuden International and lenders IFC and EEGF. On 5 November 2026 it announced a $50 million facility with Pentagreen Capital, a debt platform set up by HSBC and Temasek, for about 400 MWp of projects in India serving 227 customers, 78% of them SMEs: this is project debt, not an equity round, which the company instead expects in early 2027.
The Story
Founded in Zurich in 2018 to bring distributed solar to businesses in emerging markets.
How Candi Solar works
Business Model
It finances and operates the plants and sells the power under multi-year contracts.
Revenue Model
Payments for the power generated under long-term contracts.
Products & Services
Key Products
- Solar power purchase agreements
- Battery storage systems
Core Use Cases
- Business solar with no upfront investment
- Energy storage
- Lower energy costs
Market & Clients
Key Customers
SMEs and large commercial and industrial businesses in India and South Africa.
Geographic Presence
How Candi Solar competes
Competitive Advantages
- Integrated financing, engineering and operations
- Emerging-market specialisation
How Candi Solar grows
Growth Strategy
Finance about 400 MWp of new projects in India and exceed 1 GW of total capacity within 24 months.
Distribution Model
Direct sales through long-term energy contracts.
Regulatory Context
Energy permits, grid connection and local rules on power purchase agreements.
Key Risks
- Cost of capital
- Customer credit risk
- Construction delays
- Plant performance
Strategic Insights
- The facility expands project capacity without diluting shareholders.
- The model depends on cost of capital, customer reliability and plant performance.
Funding & Investors
Key Investors
Founding Team
Founders
Key Metrics
Lessons from Candi Solar
- In infrastructure, project debt and corporate equity fund different risks.
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