Candi Solar Secures Series B Funding Led by STOA to Boosts its Operations in Africa and India
Summary
The company has developed unique contractual and financial innovations to allow customers who have been historically underserved by the solar market, notably small and medium-sized enterprises, to generate their power from cleaner and more reliable energy. STOAs conviction is that the deployment of behind-the-meter solutions is as important as the installation of traditional utility-scale projects, in our common goal to reach democratisation of renewable energy and ultimately fight climate change. In addition, we have been impressed by the founders capacity to build a world-class international team able to constantly remain at the forefront of new technical, financial and contractual solutions to keep pace with the evolving market for distributed power generation and are thrilled to engage in this journey with them.Fabio Eucalipto, Finance Director at candi, added, Earlier this year we selected STOA as lead investor in our Series B. In STOA, we found a partner that not only shares our values but is also strongly aligned with our companys purpose of powering a more sustainable planet, one rooftop at a time. The closing of this round catapults our company into the next stage of growth which foresees investing more than USD 100 million into solar assets by 2024.