Candi Solar Secures $58.5 Million for Clean Energy Initiatives

Candi Solar, a prominent clean energy provider focusing on distributed solar solutions for commercial and industrial (C&I) sectors, has successfully raised $58.5 million through a debt funding round led by the International Finance Corporation (IFC), a member of the World Bank Group. This funding is pivotal for Candi Solar, which had previously secured $24 million in a Series C funding round in July 2025. The capital raised will be used to extend its contracted portfolio beyond 400 MWp in India and South Africa, while also enhancing its performance-linked product offerings, which include energy storage solutions, as stated in a recent press release.

About Candi Solar

Candi Solar was established in 2018 by Nishant Sood, Fabio Eucalipto, and Philippe Flamand. The company operates as a distributed energy platform that finances, constructs, and oversees customised solar solutions tailored for businesses in the commercial and industrial sectors across India and South Africa. With a contracted portfolio exceeding 200 MWp, Candi Solar provides reliable, cost-effective, and sustainable energy, while taking on the technical and performance risks for its clients.

Impact on Sustainability and Operations

As per Candi Solar, its initiatives will offer clean and affordable solar solutions in South Africa and India, thereby reducing operational expenses and promoting sustainability for its clients. The company’s performance-linked approach synchronises revenue with the actual output of the systems, ensuring long-term accountability and transferring risks effectively.

Project Financing and Broader Impacts

The financing secured by Candi Solar will directly support nearly 200 MWp of new projects, contributing significantly to sustainability by promoting the adoption of clean energy across essential industrial sectors. This approach aims to lower emissions, enhance grid stability for businesses and communities affected by power instability, create jobs, and improve supply chains while maintaining affordability.

Recent Growth and Collaborations

Candi Solar claims that its portfolio has surged to over 220 MWp within a mere 18 months, propelled by 85 MWp of open-access projects in India. Key partnerships include prominent sites such as Pricol in India, Ngwenya Lodge in South Africa, and the solar installation at Kings Park Stadium HQ. The company also services reputable clients, including IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills.

Market Competition

In the clean energy sector, Candi Solar faces competition from several major players such as Cleanmax, Fourth Partner Energy, Cleantech Solar, and Amplus Solar.