Candi Solar, a company that develops and finances rooftop and distributed solar projects for commercial and industrial customers, said it has secured $58.5 million in funding from the International Finance Corporation to support expansion in India and South Africa.
The financing, structured as a syndicated debt facility led by IFC, comes as businesses in emerging markets increasingly turn to distributed solar to cut energy costs and manage power supply risks. IFC is part of the World Bank Group and invests in private-sector projects in developing economies.
Candi Solar said the funding will be used to build new solar capacity and expand its portfolio of projects serving factories, retail chains and commercial facilities. The company focuses on installing and operating solar systems at customer sites or through open-access arrangements, allowing businesses to source power without owning the assets themselves.
India and South Africa have both seen growing interest in distributed solar as companies face rising electricity costs and grid reliability issues. In India, rooftop and open-access solar have become key tools for manufacturers seeking predictable power prices, while South Africa’s prolonged power shortages have driven businesses to invest in on-site generation.
The company claimed its operating portfolio has more than doubled over the past 18 months to over 220 megawatts peak, supported by projects in both countries. Customers include manufacturers, retailers and hospitality operators.
IFC said the financing combines commercial and concessional elements and includes local-currency components, a structure often used to reduce risk in capital-intensive infrastructure projects.
“This is the largest funding facility we have ever closed,” said Bruno Rauis, director, Candi Solar, adding that IFC’s involvement “builds confidence among global investors” and supports faster expansion.
IFC regional director Claudia Conceicao said distributed solar could play a role in improving energy efficiency and resilience for businesses in emerging markets.
“Distributed solar is a powerful lever for accelerating energy access and efficiency in emerging markets,” said Conceicao.
Candi said the facility will support nearly 200 megawatts of new projects and follows a smaller equity and mezzanine funding round earlier this year. The company said it plans to continue expanding its portfolio over the next few years, including exploring storage-linked energy solutions.
