Candi Solar Gets USD 58.5 Mn IFC Funding to Expand In India, South Africa

Zurich-based clean energy company Candi Solar, specialising in distributed solar solutions for commercial and industrial (C&I) businesses, has secured USD 58.5 million in funding. In a press release, the company said the latest funding was led by the International Finance Corporation (IFC), a World Bank Group member.

The project aims to deliver clean, affordable solar solutions in South Africa and India, driving down operational costs and advancing sustainability for Candi’s clients. This syndicated debt funding facility brings Candi’s total capital raised to over USD 200 million.

A Clear Runway to 2026

Candi’s evolution reflects a bigger global story: distributed solar in emerging markets is no longer aspirational, but has become a proven, investable, and central part of the world’s clean energy transition. The latest funding 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.

With this milestone, Candi Solar is preparing for its next growth chapter, with plans to expand its contracted portfolio beyond 400 MWp across India and South Africa by 2026. The company also aims to deepen its performance-linked product suite, including storage energy solutions.

What’s Driving Candi’s Ramp Capacity Addition?

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 other sites. Some of the key projects are spread across manufacturing, retail, and commercial real estate, including:

• Auto components manufacturer Pricol Limited in India,

• Ngwenya Lodge in South Africa,

• A solar plant at Kings Park Stadium HQ, home of The Sharks rugby team,

• Powering corporations such as IFF (International Flavors & Fragrances SA), Toyota, Pick'n Pay, and Suryalakshmi Cotton Mills.

A Vote of Confidence in Maturity

IFC’s investment reinforces Candi’s role as a trusted and scalable partner for businesses on their net-zero journey. The investment includes:

• USD 6.5 million from the Canada-IFC Blended Climate Finance Platform,

• Up to USD 42 million equivalent for IFC’s own account (in rands, rupees, and US dollars), a portion of which is supported by IFC’s Managed Co-lending Portfolio Program (MCPP),

• A concessional loan of up to USD 10 million (in local rands and rupees) from IFC acting 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. “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.”

Using Innovative Financing for Renewable Energy Projects

By blending concessional and commercial components, the IFC-led multicurrency facility — including local currency — will support Candi’s growth across key markets for distributed generation. It is structured to absorb early-stage financial, operational, and performance risks while maintaining stringent ESG and governance standards. The financing structure aims not only to enable Candi’s next phase but also to mobilise global capital into an asset class once considered “too risky.”

“This facility is a strong validation of our results-based model and its ability to deliver reliable returns,” said KJ Mahoney, Head of Capital Structuring at Candi Solar. “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.”

“At IFC, we see distributed solar as a powerful lever for accelerating energy access and efficiency in emerging markets,” said Cláudia Conceição, IFC Regional Director for Southern Africa. “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.”

Impact Beyond Megawatts

The facility will directly finance nearly 200 MWp of new projects, with broader impact on:

• Sustainability – advancing clean energy adoption across key industrial clusters to lower emissions,

• Resilience – strengthening grid stability for businesses and communities facing power volatility,

• Employment & supply chains – creating jobs and building local industrial capacity,

• Affordability – providing companies with predictable energy costs and long-term competitiveness.