Switzerland-headquartered solar solutions provider Candi Solar has secured $58.5 million in a funding round led by the global development institution, International Finance Corporation (IFC), to deliver clean, affordable solar solutions in India and South Africa.

This syndicated debt funding facility is Candi Solar’s largest to date, increasing the company’s total capital raised to $200 million.

The IFC investment comprises $6.5 million from the Canada-IFC Blended Climate Finance Platform, up to $42 million equivalent from IFC’s own account, partially supported by its managed co-lending portfolio program, and a concessional loan of up to $10 million, with the development institution acting in its capacity as the Climate Investment Funds’ Clean Technology Fund’s implementing agency.

Candi Solar has more than doubled its portfolio to over 220 MW in 18 months. This growth was driven by 85 MW of open access projects in India and the company’s flagship sites. These include projects for auto components manufacturer Pricol in India and Ngwenya Lodge and the Kings Park Stadium HQ in South Africa.

The company’s other notable projects in India include a 16.5 MW solar open access project in Gujarat and a 20 MW open access project in Chhattisgarh.

Candi Solar has also provided solar solutions to companies such as International Flavors & Fragrances, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills. It has completed over 165 solar installations.

In July this year, Candi Solar raised $24 million (~₹2.06 billion) from Norfund, STOA, and the Energy Entrepreneurs Growth Fund (EEGF) to fund new solar power projects in India and South Africa. This fundraising includes a $20 million (~₹1.7 billion) convertible loan from Norfund and STOA, as well as a $4 million (~₹344.59 million) top-up to its existing mezzanine facility with the EEGF.

Last June, Candi Solar secured $38 million in equity investment from Norfund, Kyuden International, and STOA to fund 200 MW of commercial and industrial solar projects in India and South Africa.