With a new equity round in sight, Candi Solar secures €44 million for solar projects in India – EU-Startups

Candi Solar, a Swiss clean energy company distributing solar solutions, announced a €44 million ($50 million) financing partnership to build rooftop, ground-mounted, and open-access solar installations paired with BESS across key business hubs in India.
This facility from Pentagreen Capital will enable the avoidance of an estimated 397,000 tonnes of carbon dioxide emissions annually.
The strategy is also backed by the FAST-P Office under the Monetary Authority of Singapore, Export Finance Australia, International Finance Corporation, the Dutch Entrepreneurial Development Bank (FMO), HSBC, Temasek, British International Investment, Bank of the Philippine Islands, Allied Climate Partners, DBS and Cathay United Bank.
Fabio Eucalipto, co-founder and Director of Candi Solar, said: “Millions of smaller businesses power India’s economy and drive its industrial growth. These companies should benefit from clean, reliable energy without the burden of mastering energy complexities or making major capital commitments.
“At Candi, we have spent years building a customer-first model to make this possible. By combining rooftop and ground-mounted open-access solutions with flexible financing, we can deliver tailored energy solutions at scale.”
Candi Solar’s financing comes amid several 2026 European funding announcements involving renewable-energy infrastructure and commercial battery storage.
In Switzerland, enshift raised €18.5 million to expand integrated energy-transition services, while Germany’s encosa secured €25 million for battery storage targeting SMEs and Feldwerke obtained a €12 million facility for solar project construction.
Elsewhere, Belgium’s Octave.energy raised €10 million and Denmark’s Reel secured €15 million.
Together with Germany’s Einklang (€2.2 million) and Switzerland’s LightSeeds (€162k), these seven selected announcements represent approximately €82.9 million in financing, rising to €126.9 million including Candi Solar’s new €44 million facility.

Marat Zapparov, CEO of Pentagreen Capital added: “India’s growing energy demand and need to reduce oil imports make the transition to clean energy both a strategic and an economic priority. Pentagreen Capital, under Singapore’s FAST-P initiative, is honoured to partner with Candi, whose flexible solar and storage solutions are tailored to the needs of India’s SMEs. Together, we are unlocking finance for projects that make clean energy accessible to an underserved segment, help businesses stabilise their energy costs, and strengthen India’s energy security.”
Founded in 2018 in Zurich, Candi Solar is a clean energy platform that finances, builds, and operates solar and battery storage solutions specifically for commercial and industrial (C&I) businesses, with a particular focus on underserved SMEs. The company looks to mitigate grid instability, lower electricity costs, and accelerate decarbonisation in highly carbon-intensive emerging markets – primarily India and South Africa.
Under Candi’s turnkey shared-value model, clients preserve their capital, paying only for the clean energy generated while Candi manages all engineering, construction and long-term operational performance.
Today’s transaction will finance approximately 400MWp of solar and battery energy storage projects in India, expanding access to clean energy for SME segment, which the company says is underserved with renewable energy access but accounts for 31% of the country’s Gross Domestic Product and 35% of its manufacturing output.
The facility will finance rooftop, ground-mounted, and open-access solar installations paired with BESS across key business hubs in India. These projects are expected to deliver 560 gigawatt hours (GWh) of renewable energy annually, supporting the decarbonisation of 227 commercial and industrial customers, 78% of which are SMEs. This would enable the avoidance of an estimated 397,000 tonnes of carbon dioxide emissions annually.
Together with recent additional shareholder commitments and an equity round planned for early next year, the capital will help the company accelerate towards installing more than 1 GW of operational solar capacity within the next 24 months – more than doubling its total capacity.