Candi Solar bags $58.5M from International Finance Corp
The funding, announced Thursday, will support Candi Solar's distributed solar projects for commercial and industrial clients in India and South Africa.
Candi Solar on Thursday said it raised $58.5 million in new debt financing from the International Finance Corporation, marking the clean energy company’s largest funding round to date and pushing its total capital raised past $200 million.
The funds will support the company’s distributed solar projects for commercial and industrial clients in India and South Africa. Candi’s installed portfolio has more than doubled in the past 18 months to over 220 MW at peak hours, enough to power thousands of homes in India.
“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. IFC’s involvement is catalytic.”
The IFC package includes $6.5 million from the Canada-IFC Blended Climate Finance Platform, up to $42 million equivalent for IFC’s own account across multiple currencies—a portion of which is also supported by its Managed Co-lending Portfolio Program, and a concessional loan of up to $10 million from the Clean Technology Fund.
“This milestone marks an inflection point for Candi Solar in India,” said Nishant Sood, Managing Director of Candi Solar. “It empowers us to scale distributed projects faster, deliver substantial energy savings for our clients, and advance India’s net-zero pathway.”
IFC said the structure is designed to blend concessional and commercial capital to absorb early-stage operational risks in distributed generation markets while meeting ESG and governance requirements.
“At IFC, we see distributed solar as a powerful lever for accelerating energy access and efficiency in emerging markets,” said Cláudia Conceição, IFC Regional Director for Southern Africa. “Our partnership with Candi Solar demonstrates how innovative financing models can unlock private capital at scale.”
Candi said the funds will finance nearly 200 MWp of new projects and support broader goals, including emissions reduction, grid stability, and job creation. The company’s client roster includes global manufacturers and retailers such as Toyota, IFF, Pick'n Pay and Suryalakshmi Cotton Mills.
“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. “IFC’s involvement demonstrates that distributed solar can meet the highest standards of performance, governance, and impact.”
The latest round follows Candi’s $24 million equity and mezzanine raise earlier this year. The company plans to expand its contracted portfolio beyond 400 MWp by 2026 and deepen its performance-linked offerings, including storage solutions.
Edited by Suman Singh