Candi Solar raises $58.5 million from World Bank Group's International Finance Corporation

Candi Solar, a clean energy company specialising in distributed solar solutions for commercial and industrial (C&I) businesses, has raised $58.5 million in a debt funding round led by the International Finance Corporation, the private sector arm of the World Bank Group. 

The fresh capital pushes the company’s total funding to more than $200 million and comes a few months after it raised $24 million in a funding round in July 2025.

The company said the new facility will finance nearly 200 MWp of projects across India and South Africa. It plans to expand its contracted portfolio beyond 400 MWp by 2026 while adding more performance-linked products, including storage energy solutions.

Candi Solar was founded in 2018 by Nishant Sood, Fabio Eucalipto and Philippe Flamand. The company develops and manages distributed solar systems for commercial and industrial clients, taking on the technical and performance risks while offering predictable, lower-cost clean energy. It currently has a contracted portfolio of more than 200 MWp.

Candi said its portfolio has more than doubled to over 220 MWp in the last 18 months. The growth has been driven by around 85 MWp of open-access projects in India and a set of flagship sites such as auto components manufacturer Pricol, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium headquarters. It also serves companies such as IFF, Toyota, Pick n Pay and Suryalakshmi Cotton Mills.

The IFC-led multicurrency facility includes concessional and commercial components and is structured to manage early-stage financial and performance risks.

Candi Solar said the new funding will help accelerate clean energy adoption in India and South Africa. It expects the upcoming projects to lower emissions in key industrial clusters, improve power resilience for businesses and communities, and strengthen affordability for commercial users.

“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 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, paving the way for global investors to support this sector at scale.”

“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 - supporting small and medium-sized businesses to create jobs, reduce energy costs, and strengthen operational resilience.”