Candi Solar, a provider of distributed solar solutions for commercial and industrial (C&I) businesses, has secured $58.5 million in funding led by the International Finance Corporation (IFC), a member of the World Bank Group. The facility will directly finance nearly 200 MWp of new projects.
This syndicated debt funding facility — the company’s largest round to date — brings Candi’s total capital raised to over $200 million.
IFC’s investment comprises $6.5 million from the Canada-IFC Blended Climate Finance Platform, up to $42 million equivalent for IFC’s own account (composed of rands, rupees, and US dollars), and a concessional loan of up to $10 million (mixed local rands and rupees) from IFC acting in its capacity as the implementing entity of 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. IFC’s involvement is catalytic – it builds confidence among global investors and enables us to access larger pools of capital to scale faster in the years ahead.”
“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’s trust is a strong endorsement of our model — which has placed us among India’s leading distributed solar developers — and reflects the increasing depth and significance of the sector in a rapidly expanding market”
By blending concessional and commercial components, the IFC-led multicurrency facility (including local currency), which will support Candi’s growth across key regions for distributed generation, is structured to absorb early-stage financial, operational, and performance risks while maintaining stringent ESG and governance standards.
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