NEW DELHI: Clean energy company candi solar on Monday announced that it raised $38 million in a Series C funding round led by Norfund, Kyuden International, and STOA.

According to the company, the new funding will fuel the firm's ambitious growth plans, facilitating the financing of an additional 200 MW of business solar projects and supporting strategic hiring initiatives to sustain its rapid expansion.

"Our innovative solar and battery solutions and pioneering financial products accelerate our purpose of powering a more sustainable planet, one rooftop at a time," Fabio Eucalipto, Co-founder and Director at candi solar, said in a statement.

"This recognition from our new investors, Norfund and Kyuden, alongside the unwavering support of our existing shareholder STOA, fuels our commitment to building an international enterprise with a robust path to profitability," he added.

candi solar has been recognised by industry experts, with the company recently ranking among the top 5 rooftop solar developers in India.

The company boasts a portfolio highlighted by projects such as Airtel and Jindal Saw in India and Schneider Electric in South Africa.

"Through the partnership, we look forward to supporting innovative solutions that provide renewable energy services to underserved markets while keeping high standards of business integrity, ESG, and health & safety practices," said Bjornar Baugerud, head of the Climate Investment Fund in Norfund.