Candi Solar Secures USD 58.5 Million IFC-Led Funding to Expand Distributed Solar Portfolio in India and South Africa

Candi Solar, a leading distributed solar solutions provider for commercial and industrial (C&I) businesses, has raised USD 58.5 million in a syndicated debt funding round led by the International Finance Corporation (IFC), a member of the World Bank Group. The latest financing—Candi’s largest to date—brings the company’s total capital raised to over USD 200 million, strengthening its standing as a trusted institutional-grade clean energy platform.

The funding will support the rollout of distributed solar projects across South Africa and India, helping businesses reduce operational costs and accelerate sustainability goals. Candi’s portfolio has more than doubled to 220+ MWp in just 18 months, driven by major open-access developments in India and flagship installations at Pricol Limited, Ngwenya Lodge in South Africa, and Kings Park Stadium HQ, home of The Sharks rugby team. The company also supplies renewable power to major corporations including IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills.

IFC’s Largest Commitment to Candi Solar to Date

The IFC-led investment comprises:

• USD 6.5 million from the Canada-IFC Blended Climate Finance Platform
• Up to USD 42 million equivalent for IFC’s own account, including rands, rupees, and US dollars, partly supported by the Managed Co-lending Portfolio Program (MCPP)
• A concessional loan of up to USD 10 million from the Climate Investment Funds’ Clean Technology Fund

“This is the largest funding facility we have ever closed,” said Bruno Rauis, Director of Candi Solar. “It propels us into our next phase of growth and strengthens our ambition to be the leading distributed energy partner in India, South Africa, and beyond.”

Nishant Sood, Managing Director of Candi Solar, added that the investment marks a major milestone for the company in India. “IFC’s trust is a strong endorsement of our model and reflects the increasing significance of distributed solar in a rapidly expanding market.”

A Catalyst for Global Capital Flow into Distributed Solar

The multi-currency IFC facility is structured to blend concessional and commercial capital, enabling Candi to mitigate early-stage financial and performance risks while maintaining strong ESG and governance frameworks. The structure is designed to mobilize broader global investment into distributed solar—an asset class historically seen as high-risk.

“This facility is a strong validation of our results-based model and its ability to deliver reliable returns,” said KJ Mahoney, Head of Capital Structuring at Candi Solar.

“At IFC, we see distributed solar as a powerful lever for accelerating energy access and efficiency in emerging markets,” noted Cláudia Conceição, IFC Regional Director for Southern Africa.

Financing Nearly 200 MWp of New Projects

The IFC funding will directly support close to 200 MWp of new distributed solar capacity, with broader impact across:

• Sustainability: cutting emissions in key industrial clusters
• Resilience: improving energy reliability for businesses facing power volatility
• Employment: boosting jobs and strengthening local supply chains
• Affordability: enabling predictable, long-term energy costs for companies

The raise follows Candi’s USD 24 million equity and mezzanine round earlier this year, setting the stage for a high double-digit-million Series D round in 2026.

Positioned for Rapid Expansion Through 2026

With the new funding, Candi Solar aims to expand its contracted portfolio to over 400 MWp across India and South Africa by 2026, while advancing performance-linked offerings, including energy storage solutions. The company’s trajectory underscores the growing global recognition of distributed solar in emerging markets as a proven, scalable, and investable pillar of the clean energy transition.