Commercial and industrial solar power company Candi Solar has secured $58.5-million in funding from development finance institution the International Finance Corporation (IFC), which is a member of the World Bank Group.

The loan will enable the company to deliver clean, affordable solar solutions in South Africa and India, which will drive down operational costs and advance sustainability for Candi’s clients.

The facility will directly finance nearly 200 MW of new projects. By 2026, the company aims to expand its contracted portfolio to more than 400 MW across India and South Africa, while deepening its performance-linked product suite, including energy storage solutions, Candi says.

Candi’s portfolio has more than doubled to 220 MW in 18 months, driven by 85 MW of open-access projects in India and flagship sites, including auto components manufacturer Pricol in India, as well as projects in Ngwenya Lodge in South Africa and the solar plant at Kings Park Stadium headquarters.

Candi also provides power to corporations such as International Flavours & Fragrances South Africa, Toyota, Pick n Pay and Suryalakshmi Cotton Mills, thereby proving the strength of its model across the manufacturing, retail, and commercial real estate sectors.

“This funding facility propels us into our next phase of growth and strengthens our ambition to be a distributed energy partner in India, South Africa and beyond. The IFC’s involvement is catalytic, as it builds confidence among global investors and enables us to access larger pools of capital to scale faster in the years ahead,” says Candi Solar director Bruno Rauis.

By blending concessional and commercial components, the IFC-led multicurrency facility, including local currency, which will support Candi’s growth across key regions for distributed generation, is structured to absorb early-stage financial, operational and performance risks while maintaining stringent environmental, social and governance standards, the company says.

The syndicated debt funding facility brings Candi’s total capital raised to more than $200-million and positions it as an institutional-grade clean energy platform. This follows Candi’s $24-million equity and mezzanine raise earlier this year, which lays the foundation for a high-double-digit, million-dollar Series D in 2026.

“This facility is a strong validation of our results-based model and its ability to deliver reliable returns. The IFC’s involvement demonstrates that distributed solar can meet the highest standards of performance, governance and impact, and thereby paving the way for global investors to support this sector at scale,” says Candi Solar capital structuring head KJ Mahoney.

“At the IFC, we see distributed solar as a powerful lever for accelerating energy access and efficiency in emerging markets. Our partnership with Candi Solar demonstrates how innovative financing models can unlock private capital at scale, thereby supporting small and medium-sized businesses to create jobs, reduce energy costs and strengthen operational resilience,” says IFC Southern Africa regional director Cláudia Conceição.