Candi Solar, a clean-energy platform focused on distributed solar for commercial and industrial (C&I) consumers, has raised $58.5 million in debt financing from the International Finance Corporation (IFC). The funding marks one of the largest debt infusions into C&I solar in recent months and follows the company’s $24 million Series C round completed in July 2025.
Scaling Distributed Solar Across India and South Africa
The new capital will help Candi Solar expand its contracted portfolio beyond 400 MWp across India and South Africa. The company will also deepen its performance-linked products, including energy-storage solutions designed to support businesses facing rising power costs and grid instability.
Founded in 2018 by Nishant Sood, Fabio Eucalipto and Philippe Flamand, Candi Solar builds, finances and operates tailored solar plants for C&I customers while taking on all technical and performance risks. The company currently manages over 200 MWp of deployed capacity and has rapidly scaled through open-access and rooftop installations.
IFC’s Debt Facility and Its Impact
According to the company, the IFC-backed facility will directly finance nearly 200 MWp of new projects. The broader impact spans:
- Clean energy adoption across industrial clusters
- Grid resilience for businesses facing volatility
- Lower operational costs through reliable solar power
- Job creation and supply-chain development
- Long-term affordability via performance-linked pricing
Candi Solar’s model aligns revenue with actual system output, ensuring accountability and enabling clients to shift to low-carbon power without upfront investment.
Rapid Growth and Key Customers
Candi Solar’s portfolio has more than doubled to over 220 MWp in 18 months, driven by 85 MWp of open-access additions in India. Its projects power companies such as Pricol, IFF, Toyota, Pick n Pay, Suryalakshmi Cotton Mills, and South Africa’s Ngwenya Lodge and Kings Park Stadium HQ.
The company competes with major C&I solar providers including CleanMax, Fourth Partner Energy, Cleantech Solar, and Amplus Solar.
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