Candi Solar Secures $58.5 Million Debt Round Led by IFC
- IFC leads $58.5 Million debt investment in Candi Solar
- Funds to expand solar portfolio beyond 400 MWp in India & South Africa
- Company to strengthen performance-linked and storage-backed solutions
Candi Solar, a clean energy company focused on distributed solar solutions for commercial and industrial (C&I) clients, has raised $58.5 million in debt funding led by the International Finance Corporation (IFC), part of the World Bank Group. The fresh capital follows its $24 million Series C round announced in July 2025.
The company said the new funds will support its plan to grow its contracted solar portfolio to more than 400 MWp across India and South Africa. A portion of the investment will also be directed toward expanding its performance-based energy products, including storage solutions designed to improve reliability and efficiency for customers.
Founded in 2018 by Nishant Sood, Fabio Eucalipto, and Philippe Flamand, Candi Solar finances, builds, and operates customized solar projects for C&I businesses. The company currently manages over 200 MWp of contracted capacity and provides clients with dependable, cost-effective power while taking on the technical and operational risks linked to project performance.
Candi Solar said its projects play a key role in helping businesses lower energy costs, strengthen sustainability goals, and improve resilience against grid instability. The newly secured facility will directly fund nearly 200 MWp of upcoming projects, with broader benefits across emissions reduction, job creation, and supply-chain growth.
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The company’s portfolio has grown rapidly doubling to more than 220 MWp in the past 18 months. Its projects include major sites such as Pricol in India, Ngwenya Lodge in South Africa, and Kings Park Stadium HQ. Candi Solar also serves brands like Toyota, Pick n Pay, IFF, and Suryalakshmi Cotton Mills.
In the growing C&I solar space, Candi competes with players like CleanMax, Fourth Partner Energy, Cleantech Solar, and Amplus Solar.
