Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Candi Solar Secures USD 58.5 Million in Major Funding Boost Led by IFC

Distributed solar energy solutions provider Candi Solar has raised USD 58.5 million through a funding round led by the International Finance Corporation (IFC), part of the World Bank Group, the company announced on Monday.

The syndicated debt facility marks Candi Solar’s largest fundraising round to date, taking its total capital mobilisation to over USD 200 million. The funding strengthens the company’s position as a reliable, institution-backed clean energy platform, according to an official statement.

The newly raised capital will be used to expand the deployment of cost-effective and sustainable solar solutions across India and South Africa, helping customers reduce energy expenses while meeting sustainability goals.

Candi Solar’s operational portfolio has more than doubled in the past 18 months, crossing 220 MWp. Growth has been driven by 85 MWp of open-access solar projects in India, along with key installations such as Pricol Ltd’s manufacturing facility in India, Ngwenya Lodge in South Africa, and the solar power plant at Kings Park Stadium.