Candi Solar Secures $58.5 Million From IFC, underscoring the strategic importance of India–South Africa energy partnerships
Candi Solar, a fast-growing clean energy provider serving commercial and industrial (C&I) clients across India and South Africa, has secured $58.5 million in fresh funding from the International Finance Corporation (IFC) to accelerate its next phase of expansion. The announcement, reported on LinkedIn, marks the company’s largest financing round to date and brings total capital raised to more than $200 million—signalling deepening investor confidence in the distributed solar sector across two of the world’s most important emerging markets.
The funding package includes $6.5 million from the Canada-IFC Blended Climate Finance Platform, up to $42 million equivalent from IFC’s own account (in rands, rupees, and US dollars), and a concessional loan of up to $10 million from the Climate Investment Funds’ Clean Technology Fund. By blending concessional and commercial capital, the facility is structured to reduce early-stage risk while maintaining stringent ESG standards—an approach designed to draw more global capital into a previously under-served asset class.
Bruno Rauis, Director at Candi Solar, called the investment “the largest funding facility we have ever closed,” emphasising that IFC’s endorsement will help the business scale rapidly across India, South Africa, and neighbouring markets. The sentiment was echoed by KJ Mahoney, Candi’s Head of Capital Structuring, who said the financing validates distributed solar as an institutional-grade investment category capable of delivering “reliable returns, strong governance, and measurable impact.”
IFC’s backing is particularly significant for South Africa and India—two economies where reliable, affordable energy is becoming central to competitiveness, industrialisation, and inclusive growth. Distributed solar solutions are increasingly viewed as a catalyst for economic resilience, enabling businesses to manage rising energy costs, avoid load-related disruptions, and accelerate their transition toward low-carbon operations.
Claudia Da Conceicao, IFC Regional Director for Southern Africa, noted that distributed solar represents “a powerful lever for accelerating energy access and efficiency in emerging markets,” particularly for small and medium-sized businesses that depend on predictable electricity supply to sustain jobs and expand production capacity.
The IFC facility will directly support nearly 200 MWp of new rooftop and ground-mounted projects, contributing to a wider ecosystem impact—strengthening energy resilience, lowering emissions, stimulating local supply chains, and improving affordability for businesses battling volatile grid conditions. The deal follows Candi Solar’s earlier $24 million raise this year and lays the groundwork for a high double-digit-million Series D round expected in 2026.
By 2026, Candi aims to grow its contracted portfolio beyond 400 MWp across India and South Africa, deepening its offering in performance-linked clean energy solutions, including storage. For both markets, the message is clear: distributed solar is no longer a fringe solution—it is becoming central to the energy mix and increasingly vital to economic competitiveness.
As South Africa and India strengthen their economic relationships, partnerships such as these highlight how clean energy investment can unlock new avenues for trade, support industrial growth, and deliver the reliable energy infrastructure needed to power the next generation of emerging-market businesses.
