Candi Solar, a clean energy company specialising in distributed solar solutions for commercial and industrial (C&I) businesses, has raised $58.5 million in a debt funding round led by the International Finance Corporation (IFC), a member of the World Bank Group.
The funds raised will be used to finance nearly 200 MWp of new projects.
The round brings Candi’s total capital raised to over $200 million. This round follows Candi’s $24 million equity and debt raise earlier this year, laying the foundation for a high double-digit-million Series D in 2026.
Founded in 2018, Candi Solar is a distributed energy platform that finances, builds, and manages tailored solar solutions for commercial and industrial businesses in India and South Africa. With a contracted portfolio of over 200 MWp, Candi delivers reliable, affordable, and sustainable power while absorbing the technical and performance risks on behalf of its clients.
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 including auto components manufacturer Pricol 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 (International Flavors & Fragrances SA), Toyota, Pick n Pay, and Suryalakshmi Cotton Mills – proving the strength of its model across manufacturing, retail, and commercial real estate.
By 2026, the company aims to expand its contracted portfolio beyond 400 MWp across India and South Africa, while deepening its performance-linked product suite, including storage energy solutions.
Bruno Rauis, Director of Candi Solar, said, “This is the largest funding facility we have ever closed. 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.”
He adds, “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 is not just about enabling Candi’s next phase; it is also about mobilising other global capital to an asset class once considered “too risky.”
KJ Mahoney, Head of Capital Structuring at Candi Solar, said, “This facility is a strong validation of our results-based model and its ability to deliver reliable returns. 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.”
Claudia Da Conceicao, IFC Regional Director for Southern Africa, said, “At IFC, we see distributed solar as a powerful lever for accelerating energy access and efficiency in emerging markets. 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.”
