Clean energy company Candi Solar has announced a $50 million partnership with Pentagreen Capital to finance 400 MW of solar and battery energy storage projects in India.

The partnership aims to expand access to clean energy for small and medium-sized enterprises (SMEs). It will also help Candi Solar achieve its target to more than double its total capacity to over 1 GW over the next 24 months.

Under the partnership, Candi Solar and Pentagreen Capital will finance rooftop, ground-mounted, and open access solar installations paired with battery energy storage systems across India.

Pentagreen is a sustainable infrastructure debt financing platform established by HSBC and Temasek. It manages the Green Investments Partnership, a strategy under Singapore’s Financing Asia’s Transition Partnership initiative.

These projects are expected to deliver 560 GWh of renewable energy annually, supporting the decarbonization of 227 commercial and industrial customers, 78% of which are SMEs.

Candi Solar has contracted over 340 MW across more than 185 installations so far. The Switzerland-headquartered company has secured over $200 million in cumulative capital from global development finance institutions and infrastructure investors.

It is supported by key equity partners Norfund, STOA Infra & Energy, and Kyuden International, alongside institutional lenders including the International Finance Corporation and the Energy Entrepreneurs Growth Fund.

In November last year, Candi Solar secured $58.5 million in a funding round led by the International Finance Corporation (IFC), to deliver clean, affordable solar solutions in India and South Africa. The investment comprised $6.5 million from the Canada-IFC Blended Climate Finance Platform, up to $42 million equivalent from IFC’s own account, and a concessional loan of up to $10 million.

Global solar companies raised $16.9 billion in corporate funding during the first half (1H) of 2026, a 56% year-over-year increase from $10.8 billion in the corresponding period of 2025, according to Mercom Capital Group’s 1H and Q2 2026 Solar Funding and M&A Report. The number of corporate funding deals increased by 23%, from 78 in 1H 2025 to 96 in 1H 2026.