Candi Solar, a prominent clean energy firm specializing in distributed solar solutions for commercial and industrial (C&I) clients, has raised USD 58.5 million in its largest funding round to date. The financing, led by the International Finance Corporation (IFC) of the World Bank Group, pushes the company’s total capital raised to over USD 200 million, solidifying its position as a credible, institutional-grade clean energy platform.
The new capital will enable Candi to expand its portfolio in India and South Africa, delivering affordable, sustainable solar power to businesses and helping reduce operational costs. Over the past 18 months, Candi’s portfolio has surged to more than 220 MWp, driven by 85 MWp of open-access projects in India and high-profile installations such as Pricol Limited (India), Ngwenya Lodge (South Africa), and the solar plant at Kings Park Stadium, home of The Sharks rugby team. Candi also powers major corporations including IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills, demonstrating its model’s adaptability across manufacturing, retail, and commercial real estate.
A Strategic Endorsement
IFC’s backing underscores Candi Solar’s credibility as a scalable, reliable partner for companies pursuing net-zero goals. The facility includes:
USD 6.5 million from the Canada-IFC Blended Climate Finance Platform
Up to USD 42 million equivalent for IFC’s own account (in rands, rupees, and US dollars), partially supported by IFC’s Managed Co-lending Portfolio Program (MCPP)
A concessional loan of up to USD 10 million (mixed local currency) via IFC’s role as implementing entity for the Climate Investment Funds’ Clean Technology Fund
“This marks the largest financing we have secured and sets the stage for our next growth phase,” said Bruno Rauis, Director of Candi Solar. “IFC’s participation strengthens global investor confidence and allows us to access bigger pools of capital to scale faster.”
“This funding milestone is transformative for our operations in India,” noted Nishant Sood, Managing Director. “It accelerates our ability to deploy distributed projects, deliver substantial energy savings, and advance the country’s net-zero trajectory. IFC’s trust validates our business model and reflects the growing significance of the sector.”
Mobilizing Global Capital
The multicurrency, IFC-led facility blends concessional and commercial components to absorb early-stage financial, operational, and performance risks, while adhering to strict ESG and governance standards. By demonstrating that distributed solar can deliver strong returns and meet high performance benchmarks, this funding opens the sector to global investors.
“This facility confirms the robustness of our performance-linked approach,” said KJ Mahoney, Head of Capital Structuring at Candi Solar. “It shows that distributed solar can meet the highest standards of governance and impact, creating opportunities for large-scale investment.”
Claudia Conceicao, IFC Regional Director for Southern Africa, added: “Distributed solar is a powerful tool for improving energy access and efficiency in emerging markets. Our collaboration with Candi Solar illustrates how innovative financing can mobilize private capital, support businesses, and foster local job creation.”
Beyond Energy Production
The facility is expected to finance nearly 200 MWp of new projects, with broader benefits including:
Sustainability: lowering emissions across industrial clusters
Resilience: enhancing grid stability for businesses and communities
Employment and supply chains: generating jobs and building local capacity
Affordability: providing predictable, long-term energy costs for companies
This round follows a USD 24 million equity and mezzanine raise earlier in the year and sets the stage for a significant Series D round in 2026.
Looking Ahead
By 2026, Candi Solar aims to expand its contracted portfolio to over 400 MWp in India and South Africa, while broadening its suite of performance-linked offerings, including energy storage solutions. The company exemplifies the maturation of distributed solar in emerging markets—proving it is a reliable, investable, and central component of the global energy transition.
Founded in 2018, Candi Solar designs, finances, and manages bespoke solar solutions for commercial and industrial clients. Its performance-linked model aligns revenue with system output, transferring technical risk from clients while ensuring accountability. Beyond decarbonization, Candi’s projects contribute to job creation, improved grid resilience, and access to sustainable infrastructure, positioning the company as a trusted partner in emerging-market clean energy deployment.
