Candi Solar raises USD 58.5 mn in IFC-led funding round

New Delhi, Dec 15 (PTI) Distributed solar solutions provider Candi Solar on Monday said it has secured USD 58.5 million in funding, led by the International Finance Corporation (IFC), a member of the World Bank Group.

This syndicated debt funding facility - the company's largest round to date - takes Candi's total capital raised to over USD 200 million and positions it firmly in the league of trusted, institutional-grade clean energy platforms, a company statement said.

According to the statement, the project will deliver clean, affordable solar solutions in South Africa and India, driving down operational costs and advancing sustainability for Candi’s clients.

Candi’s portfolio has more than doubled to over 220 MWp in just 18 months, driven by 85 MWp of open-access projects in India and 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 also powers leading corporations such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills - proving the strength of its model across manufacturing, retail, and commercial real estate.

IFC’s 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 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 (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." 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." PTI KKS KKS DR DR