Candi Photo voltaic, a clear vitality firm specialising in distributed photo voltaic options for industrial and industrial (C&I) companies, has raised $58.5 million in a debt funding spherical led by the Worldwide Finance Company, the personal sector arm of the World Financial institution Group. 

The recent capital pushes the corporate’s whole funding to greater than $200 million and comes a number of months after it raised $24 million in a funding spherical in July 2025.

The corporate stated the brand new facility will finance practically 200 MWp of tasks throughout India and South Africa. It plans to broaden its contracted portfolio past 400 MWp by 2026 whereas including extra performance-linked merchandise, together with storage vitality options.

Candi Photo voltaic was based in 2018 by Nishant Sood, Fabio Eucalipto and Philippe Flamand. The corporate develops and manages distributed photo voltaic programs for industrial and industrial shoppers, taking over the technical and efficiency dangers whereas providing predictable, lower-cost clear vitality. It presently has a contracted portfolio of greater than 200 MWp.

Candi stated its portfolio has greater than doubled to over 220 MWp within the final 18 months. The expansion has been pushed by round 85 MWp of open-access tasks in India and a set of flagship websites equivalent to auto elements producer Pricol, Ngwenya Lodge in South Africa, and the photo voltaic plant at Kings Park Stadium headquarters. It additionally serves firms equivalent to IFF, Toyota, Decide n Pay and Suryalakshmi Cotton Mills.

The IFC-led multicurrency facility consists of concessional and industrial elements and is structured to handle early-stage monetary and efficiency dangers.

Candi Photo voltaic stated the brand new funding will assist speed up clear vitality adoption in India and South Africa. It expects the upcoming tasks to decrease emissions in key industrial clusters, enhance energy resilience for companies and communities, and strengthen affordability for industrial customers.

“That is the most important funding facility we have now ever closed,” stated Bruno Rauis, Director of Candi Photo voltaic.

“It propels us into our subsequent section of progress and strengthens our ambition to be the main distributed vitality companion in India, South Africa, and past. IFC’s involvement is catalytic – it builds confidence amongst international buyers and allows us to entry bigger swimming pools of capital to scale quicker within the years forward.”

“This facility is a robust validation of our results-based mannequin and its skill to ship dependable returns,” stated KJ Mahoney, Head of Capital Structuring at Candi Photo voltaic. “IFC’s involvement demonstrates that distributed photo voltaic can meet the very best requirements of efficiency, governance, and impression, paving the way in which for international buyers to assist this sector at scale.”

“At IFC, we see distributed photo voltaic as a strong lever for accelerating vitality entry and effectivity in rising markets,” stated Cláudia Conceição, IFC Regional Director for Southern Africa.

“Our partnership with Candi Photo voltaic demonstrates how modern financing fashions can unlock personal capital at scale – supporting small and medium-sized companies to create jobs, scale back vitality prices, and strengthen operational resilience.”