IFC Backs Candi Solar with USD 58.5 Mn for New Solar Installations The funds will be used to expand its contracted portfolio to more than 400 MWp across India and South Africa.

By Entrepreneur Staff

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Candi Solar

Candi Solar has secured USD 58.5 million in a debt funding round led by the International Finance Corporation, which is a member of the World Bank Group.

The company stated that the funds will be used to expand its contracted portfolio to more than 400 MWp across India and South Africa. The investment will also support the development of its performance linked product range that includes storage based energy solutions.

Founded in 2018 by Nishant Sood, Fabio Eucalipto and Philippe Flamand, Candi Solar operates as a distributed energy platform that finances, builds and manages customised solar systems for commercial and industrial clients in India and South Africa.

The company currently has a contracted portfolio of more than 200 MWp. Its operating model is designed to supply reliable and affordable clean power while taking responsibility for technical and performance related risks.

According to the company, its projects aim to expand access to clean solar energy in both countries while helping clients reduce operational costs. The performance linked structure connects the company's revenue to the actual energy output of each installation, creating a framework for long term accountability.

Candi Solar noted that the new debt facility will directly support around 200 MWp of upcoming projects. These projects are expected to contribute to lower emissions, improved resilience for businesses experiencing power instability, stronger local supply chains and better affordability.

Candi Solar reported that its portfolio has grown to more than 220 MWp in the past 18 months. This growth has been driven by 85 MWp of open access projects in India and by major installations at sites such as Pricol in India, Ngwenya Lodge in South Africa and the solar plant at Kings Park Stadium headquarters. The company also supplies power to IFF, Toyota, Pick n Pay and Suryalakshmi Cotton Mills.

Candi Solar competes with CleanMax, Amplus Solar, Fourth Partner Energy and Tata Power Solar.
Entrepreneur Staff

Entrepreneur Staff

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