Candi Solar Secures USD 58.5 Million from IFC to Fund 200 MWp Distributed Solar Projects
Candi Solar has secured USD 58.5 million in IFC-led funding to finance nearly 200 MWp of new distributed solar projects across India and South Africa.
November 28, 2025. By Mrinmoy Dey
This syndicated debt funding facility brings Candi’s total capital raised to over USD 200 million and will directly finance nearly 200 MWp of new projects, the company said in a statement.
The project will deliver clean, affordable solar solutions in South Africa and India, driving down operational costs and advancing sustainability for Candi’s clients. Candi’s portfolio has more than doubled to 220+ MWp in just 18 months, driven by 85 MWp of open-access projects in India and flagship sites including auto components manufacturer Pricol in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium HQ, home of The Sharks rugby team.
IFC’s investment comprises USD 6.5 million from the Canada-IFC Blended Climate Finance Platform, up to USD 42 million equivalent for IFC’s own account (composed of rands, rupees, and US dollars), a portion of which is supported by IFC’s Managed Co-lending Portfolio Program (MCPP) and a concessional loan of up to USD 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.
Commenting on the development, Bruno Rauis, Director of Candi Solar, said, “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.”
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, the company stated.
KJ Mahoney, Head of Capital Structuring at Candi Solar, said, “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.”
Claudia Da Conceicao, IFC Regional Director for Southern Africa, said, “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.”
This round follows Candi’s USD 24 million equity and mezzanine raise earlier this year, laying the foundation for a high double-digit-million Series D in 2026. By 2026, the company aims to expand its contracted portfolio beyond 400 MWp across India and South Africa, while deepening its performance-linked product suite, including storage energy solutions, the company stated.
please contact: contact@energetica-india.net.
Rajat Singh
Co-founder and CEO
Why Unified Intelligence is Key for C&I Renewables? Rajat Singh of EarthSync Answers
Nidhi Sharma
Director
R&D is an Integral Part of Zuvay Technologies' Growth Strategy, Says Director Nidhi Sharma
Anilkumar Mukundan
President – Sales
How Can India–Sweden Partnership Drive Decarbonisation?
Rajiv Kumar
CEO
What’s Behind Vedanta Aluminium’s Clean Energy Push? Rajiv Kumar Answers
Nirmal Reddy
President
Electric Mobility Success Depends on Execution, Not Intent, says ETO Motors’ Nirmal Reddy