New Delhi: Distributed solar solutions provider Candi Solar said on Monday that it has secured USD 58.5 million in funding, led by the International Finance Corporation (IFC), a member of the World Bank Group, in what it described as its largest funding round to date.
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The syndicated debt funding facility takes Candi Solar’s total capital raised to over USD 200 million and positions the company “firmly in the league of trusted, institutional-grade clean energy platforms,” the company said in a statement.
According to the statement, the funding will be used to deliver clean, affordable solar solutions in South Africa and India, helping reduce operational costs and advance sustainability goals for Candi Solar’s clients.
The company said its solar portfolio has more than doubled to over 220 MWp in the last 18 months. This growth has been driven by 85 MWp of open-access projects in India, as well as flagship sites including auto components manufacturer Pricol Limited in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium HQ, home of The Sharks rugby team.
Candi Solar also provides distributed solar solutions to corporates such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills, spanning manufacturing, retail, and commercial real estate segments.
The IFC-led investment package comprises USD 6.5 million from the Canada-IFC Blended Climate Finance Platform, and up to USD 42 million equivalent for IFC’s own account, composed of rands, rupees, and US dollars. A portion of this is supported by IFC’s Managed Co-lending Portfolio Program (MCPP).
In addition, the financing includes a concessional loan of up to USD 10 million, in mixed local rands and rupees, from IFC acting in its capacity as the implementing entity of the Climate Investment Funds’ Clean Technology Fund.
“This is the largest funding facility we have ever closed,” said Bruno Rauis, Director of Candi Solar, adding that 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.”
Nishant Sood, Managing Director of Candi Solar, said in the statement, “It empowers us to scale distributed projects faster, deliver substantial energy savings for our clients, and advance India’s net-zero pathway.”
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Claudia Conceicao, IFC Regional Director for Southern Africa, said, “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.”