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Swiss clean energy company candi solar has concluded its Series C funding round, securing $38 million in equity investment led by Norfund, Kyuden International, and STOA.

The company has a portfolio of projects across India and South Africa, and has a total contracted capacity of 112 MW. With a presence in 17 states and two union territories in India, candi solar has also worked with companies like Airtel and Jindal Saw to offer rooftop solar solutions to their office buildings.

This funding will support the financing of an additional 200 megawatts (MW) of business solar projects and facilitate strategic hiring initiatives, the energy firm said in a release.

“As an important step to India and Africa, we are very excited about the partnership with candi. Through this partnership, we would like to contribute to the further growth of candi. At the same time, we will try to capture new business opportunities in India and South Africa, where economic growth is rapid, and develop our energy solutions business,” Ryotaro Yusu, President of Kyuden International Corporation, said.

In India, micro, small and medium enterprises (MSMEs) remain largely untapped for their rooftop solar potential, currently pegged at around 15 gigawatts (GW), according to the Institute for Energy Economics and Financial Analysis.

Meanwhile, government schemes like the PM Surya Ghar Yojana aim to promote renewable energy usage by incentivising residential solar rooftop installations through subsidies, low-interest loans, and free electricity.