metro india news  I kolkata : Distributed solar solutions provider Candi Solar has secured USD 58.5 million in its largest funding round to date, led by the International Finance Corporation (IFC), a member of the World Bank Group.

The syndicated debt facility takes Candi Solar’s total capital raised to over USD 200 million, positioning the company as a leading institutional-grade clean energy platform. The funding will support the delivery of affordable, clean solar solutions in India and South Africa, helping clients reduce operational costs and advance sustainability goals.

Candi’s portfolio has more than doubled to over 220 MWp in just 18 months, including 85 MWp of open-access projects in India. Key installations include Pricol Limited in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium, home of The Sharks rugby team. The company also powers major corporations such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills.

The IFC investment includes USD 6.5 million from the Canada-IFC Blended Climate Finance Platform, up to USD 42 million for IFC’s own account, and a concessional loan of up to USD 10 million under the Climate Investment Funds’ Clean Technology Fund.

Bruno Rauis, Director of Candi Solar, said the funding “propels us into our next growth phase,” while Nishant Sood, Managing Director, added it will “enable faster scaling of distributed projects and substantial energy savings for clients.” Claudia Conceicao, IFC Regional Director for Southern Africa, highlighted the role of innovative financing in unlocking private capital and strengthening business resilience.