Candi Photo voltaic, a number one clear vitality firm specialising in distributed photo voltaic options for industrial and industrial (C&I) companies, has secured $58.5 million in funding led by the Worldwide Finance Company (IFC), a member of the World Financial institution Group. This syndicated debt funding facility, the corporate’s largest spherical to this point, brings Candi’s complete capital raised to over $200 million and positions it firmly within the league of trusted, institutional-grade clear vitality platforms. The challenge will ship clear, inexpensive photo voltaic options in South Africa and India, driving down operational prices and advancing sustainability for Candi’s purchasers. Candi’s portfolio has greater than doubled to 220+ MWp in simply 18 months, pushed by 85 MWp of open-access initiatives in India and flagship websites together with auto parts producer Pricol Restricted in India, Ngwenya Lodge in South Africa, and the photo voltaic plant at Kings Park Stadium HQ, residence of The Sharks rugby workforce. Candi additionally powers main firms akin to IFF, Toyota, Choose n Pay, and Suryalakshmi Cotton Mills, proving the power of its mannequin throughout manufacturing, retail, and industrial actual property.
A vote of confidence in maturity
IFC’s funding reinforces Candi’s position as a trusted and scalable companion for companies on their net-zero journey. IFC’s funding contains:
● $6.5 million from the Canada-IFC Blended Local weather Finance Platform.
● As much as $42 million equal for IFC’s personal account (composed of rands, rupees, and US {dollars}), a portion of which is supported by IFC’s Managed Co-lending Portfolio Program (MCPP).
● A concessional mortgage of as much as $10 million (combined native rands and rupees) from IFC appearing in its capability because the implementing entity of the Local weather Funding Funds’ Clear Expertise Fund.
A gateway for international capital
By mixing concessional and industrial parts, the IFC-led multicurrency facility (together with native foreign money), which is able to help Candi’s development throughout key areas for distributed era, is structured to soak up early-stage monetary, operational, and efficiency dangers whereas sustaining stringent ESG and governance requirements. This financing construction is not only about enabling Candi’s subsequent part; it’s also about mobilising different international capital to an asset class as soon as thought-about “too dangerous.”
Impression past megawatts
The power will instantly finance practically 200 MWp of recent initiatives, with a broader affect on:
● Sustainability – advancing clear vitality adoption throughout key industrial clusters to decrease emissions.
● Resilience – strengthening grid stability for companies and communities dealing with energy volatility.
● Employment & provide chains – creating jobs and constructing native industrial capability.
● Affordability – giving corporations predictable vitality prices and long-term competitiveness.
This spherical follows Candi’s $24 million fairness and mezzanine increase earlier this yr, laying the muse for a excessive double-digit-million Sequence D in 2026.
A transparent runway to 2026
With this milestone, Candi Photo voltaic is getting ready for its subsequent development chapter. By 2026, the corporate goals to broaden its contracted portfolio past 400 MWp throughout India and South Africa, whereas deepening its performance-linked product suite, together with storage vitality options. Candi’s evolution displays an even bigger international story: distributed photo voltaic in rising
markets is now not aspirational – it’s confirmed, investable, and central to the world’s clear
vitality transition.
Nishant Sood, Managing Director, Candi Photo voltaic, mentioned: “This milestone marks an inflection level for Candi Photo voltaic in India. It empowers us to scale distributed initiatives quicker, ship substantial vitality financial savings for our purchasers, and advance India’s net-zero pathway. IFC’s belief is a robust endorsement of our mannequin, which has positioned us amongst India’s main distributed photo voltaic builders and displays the growing depth and significance of the sector in a quickly increasing market.”
KJ Mahoney, Head of Capital Structuring, Candi Photo voltaic, mentioned: “This facility is a robust validation of our results-based mannequin and its means to ship dependable returns. IFC’s involvement demonstrates that distributed photo voltaic can meet the very best requirements of efficiency, governance, and affect, paving the way in which for international buyers to help this sector at scale.”
Cláudia Conceição, IFC Regional Director for Southern Africa, mentioned: “At IFC, we see distributed photo voltaic as a strong lever for accelerating vitality entry and effectivity in rising markets. Our partnership with Candi Photo voltaic demonstrates how modern financing fashions can unlock personal capital at scale, supporting small and medium-sized companies to create jobs, scale back vitality prices, and strengthen operational resilience.”
About Candi Photo voltaic
Candi Photo voltaic is a pioneering distributed vitality platform that funds, builds, and manages tailor-made photo voltaic options for industrial and industrial companies in India and South Africa. With a contracted portfolio of over 200 MWp, Candi delivers dependable, inexpensive, and sustainable energy whereas absorbing the technical and efficiency dangers on behalf of its purchasers. Since its inception in 2018, the corporate has raised greater than $200 million from international buyers, mixing worldwide capital experience with deep native execution. Its performance-linked mannequin aligns income with precise system output, guaranteeing long-term accountability and threat switch. Candi’s mission goes past decarbonisation: its initiatives contribute to job creation, enhanced grid resilience, and entry to sustainable infrastructure, positioning the corporate as a trusted companion within the clear vitality transition throughout rising markets.
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