Clean energy company Candi Solar raises $58.5 Mn debt funding led by IFC to expand distributed solar portfolio
Zurich/New Delhi, November 28, 2025 — Candi Solar, a clean energy company specializing in distributed solar solutions for commercial and industrial (C&I) enterprises, has secured $58.5 million in a syndicated debt funding facility led by the International Finance Corporation (IFC), a member of the World Bank Group.
This funding facility is Candi Solar's largest to date and brings the company’s total capital raised to over $200 million. The round comes just months after Candi Solar raised a $24 million equity round in July 2025.
Purpose of Funding and Growth Plans
The newly secured capital will be deployed to finance nearly 200 MWp of new distributed solar projects across India and South Africa. Candi Solar plans to use the investment to expand its contracted portfolio beyond 400 MWp by 2026 and to deepen its performance-linked product suite, which includes advanced energy storage solutions.
Bruno Rauis, Director of Candi Solar, commented on the milestone: "This is the largest funding facility we have ever closed. 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."
Details of IFC's Investment
The IFC-led multicurrency facility is structured to manage early-stage financial and performance risks. The investment package includes:
$6.5 million from the Canada-IFC Blended Climate Finance Platform.
Up to $42 million equivalent from IFC’s own account (in rands, rupees, and US dollars).
A concessional loan of up to $10 million from the Climate Investment Funds' Clean Technology Fund (CTF), with IFC acting as the implementing entity.
Cláudia Conceição, IFC Regional Director for Southern Africa, highlighted the strategic importance of the partnership: "At IFC, we see distributed solar as a powerful lever for accelerating energy access and efficiency in emerging markets. 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."
Candi Solar's Portfolio and Model
Founded in 2018 by Nishant Sood, Fabio Eucalipto, and Philippe Flamand, Candi Solar finances, builds, and manages tailored solar projects for C&I clients, absorbing the technical and performance-related risks.
The company's portfolio has more than doubled to over 220 MWp in the last 18 months, driven by 85 MWp of open-access projects in India and flagship sites. Notable clients and projects include:
Auto components manufacturer Pricol (India).
Ngwenya Lodge (South Africa).
The solar plant at Kings Park Stadium HQ (home of The Sharks rugby team).
Top corporates such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills.
KJ Mahoney, Head of Capital Structuring at Candi Solar, stated: "This facility is a strong validation of our results-based model and its ability to deliver reliable returns. 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.”