Candi Solar, a leading clean energy company specializing in distributed solar solutions for commercial and industrial (C&I) businesses, has raised $58.5 million in a debt funding round led by the International Finance Corporation (IFC), a member of the World Bank Group. This follows a $24 million Series C round in July 2025, reinforcing the company’s ability to expand its contracted portfolio beyond 400 MWp across India and South Africa and enhance its performance-linked solar and storage energy solutions.

Founded in 2018 by Nishant Sood, Fabio Eucalipto, and Philippe Flamand, Candi Solar finances, builds, and manages tailored solar solutions while absorbing technical and performance risks for its clients. Its portfolio has grown to over 220 MWp in just 18 months, powering flagship sites including Pricol, Ngwenya Lodge, and Kings Park Stadium, and serving major corporations like Toyota, IFF, Pick n Pay, and Suryalakshmi Cotton Mills.

The funding will directly finance nearly 200 MWp of new projects, driving clean energy adoption, operational cost reduction, and grid resilience. With this support, Candi Solar is set to further advance sustainability, industrial energy efficiency, and renewable adoption across India and South Africa, strengthening its position among competitors such as Cleanmax, Fourth Partner Energy, Cleantech Solar, and Amplus Solar.