• Candi Solar raises $58.5M from IFC to expand in SA, India
  
• Funding supports decentralized solar amid unreliable grids and load-shedding
  
• Company’s portfolio exceeds 220 MWp, doubling in 18 months

Candi Solar secured 58.5 million dollars in financing from the International Finance Corporation (IFC), the company said on Nov. 27.

The deal is the company’s largest fundraising round to date and brings its total capital raised since launch to more than 200 million dollars. The financing, a mix of syndicated debt in U.S. dollars and local currencies, will support the expansion of its commercial and industrial solar offerings in South Africa and India.

The announcement signals a shift in the decentralized solar industry, where specialized platforms are now raising substantial financing from international institutions. Candi Solar’s portfolio has grown to more than 220 MWp, doubling over the past 18 months.

The transaction highlights the rising importance of a model that has become central for businesses, particularly in Africa. Decentralized solar lowers operating costs and provides clean and predictable power. Companies use it to meet sustainability goals and, more importantly, to protect themselves from unreliable grid electricity. The model is drawing adopters across many industries, from automotive to food processing, in Southern and West Africa, including Nigeria.

In South Africa, the approach is especially relevant. The country’s electricity grid has been under severe strain for years, and frequent load-shedding has pushed businesses to seek reliable supply solutions that reduce dependence on the fossil-fuel-heavy national grid.

Candi Solar’s new financing could reinforce this shift. IFC’s involvement may also draw additional capital and help solidify decentralized solar as a key component of energy strategies for businesses in South Africa and across the continent.

Abdoullah Diop