Candi Solar, a clean energy company specialising in distributed solar solutions for commercial and industrial (C&I) enterprises, has raised $58.5 million in debt funding from the International Finance Corporation (IFC), a member of the World Bank Group.
This funding comes shortly after Candi Solar’s $24 million Series C equity round raised in July 2025, underscoring strong investor confidence in its growth trajectory.
According to the company, the newly secured funds will be deployed to expand its contracted portfolio beyond 400 MWp across India and South Africa, while strengthening its performance-linked product suite, including advanced energy storage solutions.
Founded in 2018 by Nishant Sood, Fabio Eucalipto, and Philippe Flamand, Candi Solar finances, builds, and manages customised solar projects for C&I clients. With a contracted portfolio exceeding 200 MWp, the company delivers clean and reliable power while absorbing all technical and performance-related risks on behalf of its customers.
Candi Solar emphasised that its solutions aim to reduce operational costs for businesses, improve energy sustainability, and support climate goals. Its performance-linked model ties revenue to actual system output, ensuring transparency, accountability, and long-term reliability.
The new IFC-backed facility will fund approximately 200 MWp of new projects, driving impact across four key pillars:
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Sustainability: Accelerating clean energy adoption across industrial clusters
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Resilience: Enhancing grid stability amidst power volatility
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Employment & Supply Chains: Supporting green jobs and local components
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Affordability: Delivering cost-efficient renewable energy to businesses
Over the past 18 months, Candi Solar’s portfolio has more than doubled to 220+ MWp, powered by major open-access projects and marquee installations. Its flagship projects include collaborations with Pricol, Ngwenya Lodge, and the Kings Park Stadium HQ solar plant. The company also powers top corporates such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills.
Candi Solar operates in a competitive market alongside players such as CleanMax, Fourth Partner Energy, Cleantech Solar, and Amplus Solar.
