Candi Photo voltaic, a distinguished clear vitality agency specializing in distributed photo voltaic options for industrial and industrial (C&I) purchasers, has raised USD 58.5 million in its largest funding spherical to this point. The financing, led by the Worldwide Finance Company (IFC) of the World Financial institution Group, pushes the corporate’s complete capital raised to over USD 200 million, solidifying its place as a reputable, institutional-grade clear vitality platform.
The brand new capital will allow Candi to increase its portfolio in India and South Africa, delivering inexpensive, sustainable solar energy to companies and serving to cut back operational prices. Over the previous 18 months, Candi’s portfolio has surged to greater than 220 MWp, pushed by 85 MWp of open-access tasks in India and high-profile installations similar to Pricol Restricted (India), Ngwenya Lodge (South Africa), and the photo voltaic plant at Kings Park Stadium, residence of The Sharks rugby group. Candi additionally powers main firms together with IFF, Toyota, Choose n Pay, and Suryalakshmi Cotton Mills, demonstrating its mannequin’s adaptability throughout manufacturing, retail, and industrial actual property.
A Strategic Endorsement
IFC’s backing underscores Candi Photo voltaic’s credibility as a scalable, dependable accomplice for corporations pursuing net-zero objectives. The ability contains:
USD 6.5 million from the Canada-IFC Blended Local weather Finance Platform
As much as USD 42 million equal for IFC’s personal account (in rands, rupees, and US {dollars}), partially supported by IFC’s Managed Co-lending Portfolio Program (MCPP)
A concessional mortgage of as much as USD 10 million (blended native forex) through IFC’s position as implementing entity for the Local weather Funding Funds’ Clear Know-how Fund
“This marks the most important financing we now have secured and units the stage for our subsequent development section,” stated Bruno Rauis, Director of Candi Photo voltaic. “IFC’s participation strengthens world investor confidence and permits us to entry greater swimming pools of capital to scale quicker.”
“This funding milestone is transformative for our operations in India,” famous Nishant Sood, Managing Director. “It accelerates our capacity to deploy distributed tasks, ship substantial vitality financial savings, and advance the nation’s net-zero trajectory. IFC’s belief validates our enterprise mannequin and displays the rising significance of the sector.”
Mobilizing World Capital
The multicurrency, IFC-led facility blends concessional and industrial elements to soak up early-stage monetary, operational, and efficiency dangers, whereas adhering to strict ESG and governance requirements. By demonstrating that distributed photo voltaic can ship sturdy returns and meet excessive efficiency benchmarks, this funding opens the sector to world buyers.
“This facility confirms the robustness of our performance-linked strategy,” stated KJ Mahoney, Head of Capital Structuring at Candi Photo voltaic. “It reveals that distributed photo voltaic can meet the best requirements of governance and impression, creating alternatives for large-scale funding.”
Claudia Conceicao, IFC Regional Director for Southern Africa, added: “Distributed photo voltaic is a robust device for enhancing vitality entry and effectivity in rising markets. Our collaboration with Candi Photo voltaic illustrates how revolutionary financing can mobilize personal capital, assist companies, and foster native job creation.”
Past Vitality Manufacturing
The ability is predicted to finance almost 200 MWp of recent tasks, with broader advantages together with:
Sustainability: decreasing emissions throughout industrial clusters
Resilience: enhancing grid stability for companies and communities
Employment and provide chains: producing jobs and constructing native capability
Affordability: offering predictable, long-term vitality prices for corporations
This spherical follows a USD 24 million fairness and mezzanine elevate earlier within the yr and units the stage for a big Sequence D spherical in 2026.
Trying Forward
By 2026, Candi Photo voltaic goals to increase its contracted portfolio to over 400 MWp in India and South Africa, whereas broadening its suite of performance-linked choices, together with vitality storage options. The corporate exemplifies the maturation of distributed photo voltaic in rising markets—proving it’s a dependable, investable, and central element of the worldwide vitality transition.
Based in 2018, Candi Photo voltaic designs, funds, and manages bespoke photo voltaic options for industrial and industrial purchasers. Its performance-linked mannequin aligns income with system output, transferring technical threat from purchasers whereas guaranteeing accountability. Past decarbonization, Candi’s tasks contribute to job creation, improved grid resilience, and entry to sustainable infrastructure, positioning the corporate as a trusted accomplice in emerging-market clear vitality deployment.
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