Clean energy company Candi Solar raises $58.5 Mn led by IFC

Candi Solar, a clean energy company specialising in distributed solar solutions for commercial and industrial (C&I) businesses, has secured $58.5 million in a debt funding round led by the International Finance Corporation (IFC), a member of the World Bank Group.

Candi Solar has raised significant funding, including a recent Series C round of $24 million in July 2025. 

The proceeds will be utilized to expand its contracted portfolio beyond 400 MWp across India and South Africa, while deepening its performance-linked product suite including storage energy solutions, Candi Solar said in a press release.

Founded in 2018 by Nishant Sood, Fabio Eucalipto and Philippe Flamand, 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, the company delivers reliable, affordable, and sustainable power while absorbing the technical and performance risks on behalf of its clients. 

According to Candi Solar, its project will deliver clean, affordable solar solutions in South Africa and India, driving down operational costs and advancing sustainability for clients. The company's performance-linked model aligns revenue with actual system output, ensuring long-term accountability and risk transfer.

Candi Solar’s facility will directly finance nearly 200 MWp of new projects, with a broader impact on Sustainability that advances clean energy adoption across key industrial clusters to lower emissions, resilience which strengthens grid stability for businesses and communities facing power volatility, employment & supply chains, and affordability.

Candi asserts that its 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 in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium HQ. It also powers leading corporations such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills.

It competes with other major companies in this space such as Cleanmax, Fourth partner energy Cleantech solar, and Amplus solar.