Towards the end of last year, Candi Solar, a leading clean energy company specialising in distributed solar solutions for commercial and industrial (C&I) businesses, secured USD 58.5 million in funding led by the International Finance Corporation (IFC), a member of the World Bank Group.
Representatives from Candi Solar and the IFC at the signing of the funding agreement.
This syndicated debt funding facility - the company’s largest round to date - brings Candi’s total capital raised to over USD 200 million and positions it firmly in the league of trusted, institutional-grade clean energy platforms.
This funding will be directed specifically to accelerating commercial and industrial solar projects across South Africa, as well as in India, offering businesses access to more stable, affordable, and cleaner power.
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 flagship sites in South Africa including solar installations at Ngwenya Lodge and at Kings Park Stadium HQ. Candi also powers leading corporations such as IFF (International Flavors & Fragrances SA), Toyota and Pick n Pay, demonstrating the strength of its model across manufacturing, retail, and commercial real estate.
A vote of confidence
The IFC’s investment reinforces Candi’s role as a trusted and scalable partner for businesses on their net-zero journey.
The investment comprises:
- USD 6.5 million from the Canada-IFC Blended Climate Finance Platform
- Up to USD 42 million equivalent for IFC’s own account (composed of rand, 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 (mixed local rand 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 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.”
By blending concessional and commercial components, the IFC-led multicurrency facility (including local currency), which will support Candi’s growth across key regions for distributed generation, is structured to absorb early-stage financial, operational, and performance risks while maintaining stringent ESG and governance standards. This financing structure will support Candi’s next phase of growth and mobilise other global capital to an asset class once considered too risky.
“This facility validates 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.”
Beyond megawatts
The facility will directly finance nearly 200 MWp of new projects, with a 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 and supply chains – creating jobs and building local industrial capacity
- Affordability – giving companies predictable energy costs and long-term competitiveness.
This round follows Candi’s USD 24 million equity and mezzanine raise earlier last year, laying the foundation for a high double-digit-million Series D in 2026.
Through 2026 Candi Solar aims to expand its contracted portfolio beyond 400 MWp across India and South Africa, deepening its performance-linked product suite, including energy storage solutions. Candi’s evolution reflects the bigger global shift, demonstrating that distributed solar in emerging markets is proven, investable, and central to the world’s clean energy transition.
For more information visit: www.candi.solar/
