Syndicated debt facility backs expansion of distributed solar projects in India and South Africa, taking total capital raised past USD 200 million

Distributed solar solutions provider Candi Solar on Monday said it has secured USD 58.5 million in funding through a syndicated debt facility led by the International Finance Corporation (IFC), a member of the World Bank Group.

The funding marks the company’s largest financing round to date and takes its total capital raised to more than USD 200 million, strengthening its position as an institutional-scale clean energy platform, Candi Solar said in a statement.

The facility will support the delivery of distributed solar solutions across India and South Africa, with the aim of lowering energy costs for businesses while supporting sustainability goals. The company said the funding will help accelerate project deployment and expand its footprint in both markets.

Candi Solar’s portfolio has more than doubled over the past 18 months to over 220-megawatt peak, driven by the addition of 85-megawatt peak of open-access projects in India. Its operating assets include installations for auto components manufacturer Pricol in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium headquarters, home of The Sharks rugby team.

The company also supplies solar power to corporate clients across manufacturing, retail and commercial real estate, including IFF, Toyota, Pick n Pay and Suryalakshmi Cotton Mills.

According to the statement, the IFC-backed facility comprises USD 6.5 million from the Canada-IFC Blended Climate Finance Platform, up to USD 42 million for IFC’s own account across rand, rupee and US dollar denominations, and a concessional loan of up to USD 10 million from the Clean Technology Fund, implemented by IFC. Part of the IFC contribution is supported by its Managed Co-lending Portfolio Program.

Candi Solar said the funding will enable it to scale distributed solar projects more rapidly, improve access to clean and affordable power for commercial and industrial customers, and contribute to decarbonisation efforts in its key markets.

The investment also reflects IFC’s focus on mobilising private capital for clean energy infrastructure, particularly for distributed solutions that support small and medium-sized enterprises, reduce energy costs and strengthen operational resilience.

The company said it plans to use the capital to deepen its presence in India and South Africa while exploring opportunities in other markets as demand for decentralised renewable energy solutions continues to grow.