Pentagreen Capital and Candi Solar Announce $50 Million Financing Partnership for 400 MW Solar and Battery Projects in India

Pentagreen Capital and Candi Solar announce a US$50 million financing partnership for 400 MW of solar and battery storage projects in India

Pentagreen Capital (“Pentagreen”), manager of the Green Investments Partnership (“GIP”), a strategy under Singapore’s Financing Asia’s Transition Partnership (“FAST-P”) initiative, and Candi Solar, a leading clean energy company specialising in distributed solar solutions for commercial and industrial (“C&I”) businesses, today announced the signing of a US$50 million financing partnership.

The transaction will finance approximately 400MWp of solar and battery energy storage projects in India, expanding access to clean energy for the small and medium-sized enterprise (“SME”) segment, which is underserved with renewable energy access but accounts for 31% of the country’s Gross Domestic Product and 35% of its manufacturing output. It will also underpin Candi’s rapid expansion, supporting the company's objective to more than double its total capacity to exceed 1GW over the next 24 months.

From left to right: Michelle Head, Candi Solar, Daryl Aw Yeong, Pentagreen Capital

Marat Zapparov, CEO of Pentagreen Capital said:

India’s growing energy demand and need to reduce oil imports make the transition to clean energy both a strategic and an economic priority. Pentagreen Capital, under Singapore’s FAST-P initiative, is honoured to partner with Candi, whose flexible solar and storage solutions are tailored to the needs of India’s SMEs. Together, we are unlocking finance for projects that make clean energy accessible to an underserved segment, help businesses stabilise their energy costs, and strengthen India’s energy security.

Fabio Eucalipto, Co-founder and Director of Candi Solar, said:

The climate crisis demands an energy transition that reaches far beyond large corporations to the millions of smaller businesses that power India's economy and drive its industrial growth. These companies should benefit from clean, reliable energy without the burden of mastering energy complexities or making major capital commitments. At Candi, we have spent years building a customer-first model to make this possible. By combining rooftop and ground-mounted open-access solutions with flexible financing, we can deliver tailored energy solutions at scale. Our partnership with Pentagreen is an important milestone and the first building block in our next phase of growth. Together with recent additional shareholder commitments and an equity round planned for early next year, the capital will help us accelerate towards installing more than 1 GW of operational solar capacity within the next 24 months, bringing clean energy to hundreds more businesses across India.

The facility will finance rooftop, ground-mounted, and open-access solar installations paired with BESS across key business hubs in India. These projects are expected to deliver 560 gigawatt hours (“GWh”) of renewable energy annually, supporting the decarbonisation of 227 commercial and industrial customers, 78% of which are SMEs. This would enable the avoidance of an estimated 397,000 tonnes of carbon dioxide emissions annually.

India has set a target of 500GW of non-fossil fuel capacity by 2030, up from 300GW in August 2026, and is promoting battery energy storage to deepen the decarbonisation of its power sector.² According to India’s public policy think tank NITI Aayog’s “Roadmap for Green Transition of MSMEs,” SMEs in India account for approximately 135 million tonnes of carbon dioxide equivalent (“MtCO2e”) of emissions annually, largely due to fossil fuel-based energy use. Providing capital to this underserved segment is key to accelerating India’s energy transition.

Under Candi's turnkey shared-value model, clients preserve their capital, paying only for the clean energy generated while Candi manages all engineering, construction and long-term operational performance.

As a solar project developer and financier serving commercial and industrial businesses across India, Candi addresses their clean energy needs through a suite of flexible, performance-linked solar and storage solutions tailored to each customer’s energy requirements and cost-saving objectives. Its model enables SMEs to adopt clean energy without upfront capital expenditure, while integrating solutions into their existing operations. By reducing reliance on conventional energy sources, these solutions can also help businesses manage energy costs and reduce exposure to fluctuations in diesel and grid electricity prices.

About Pentagreen Capital

Headquartered in Singapore, Pentagreen is the sustainable infrastructure debt financing platform established by HSBC and Temasek, dedicated to accelerating sustainable infrastructure in Asia. The company seeks to unlock the flow of capital where it is most needed, bridge critical gaps in Asia’s infrastructure financing needs, and open new infrastructure opportunities to investors.

Pentagreen Capital operates a blended finance strategy under the Financing Asia’s Transition Partnership (“FAST-P”), a Singapore-led initiative in collaboration with key global public, private and philanthropic partners. Focused on Southeast Asia and with an allocation to South Asia, the strategy provides debt finance to accelerate the development of projects across renewable energy and storage, electric vehicle infrastructure, sustainable transport, water and waste management, data infrastructure and other green infrastructure sectors.

The strategy is backed by Pentagreen Capital, the FAST-P Office under the Monetary Authority of Singapore (“MAS”), Australian Government represented by Export Finance Australia, International Finance Corporation, the Dutch Entrepreneurial Development Bank (“FMO”), HSBC, Temasek, British International Investment, Bank of the Philippine Islands, Allied Climate Partners, DBS and Cathay United Bank. The European Commission is supporting the strategy under its Global Gateway programme.

Pentagreen holds a capital markets services license from the MAS to carry out fund management activities. For more information, please visit www.pentagreen.com.

About Candi Solar

Founded in 2018 and headquartered in Zurich, Switzerland, Candi Solar is a leading clean energy company and dedicated distributed solar and battery storage partner for commercial and industrial (“C&I”) enterprises across India and South Africa.

Combining Swiss engineering standards with flexible, balance-sheet-light financing models, including Power Purchase Agreements (“PPAs”) and Performance-Linked Models (“PLLs”), Candi manages every project end-to-end, enabling businesses to switch to clean power with minimal capital outlay and complete generation guarantees.

Candi has contracted over 340 MW across more than 185 installations. To date, Candi Solar has secured over USD 200 million in cumulative capital from premier global development finance institutions and leading infrastructure investors. The company is supported by key equity partners Norfund, STOA Infra & Energy, and Kyuden International, alongside institutional lenders including the International Finance Corporation (“IFC”) and the Energy Entrepreneurs Growth Fund (“EEGF”).

For more information, visit www.candi.solar.

Media enquiries to Candi Solar:

Bhavya Master
bhavya@candi.solar
Global Head of Marketing

2 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2296782®=48&lang=2

Candi Solar Secures USD 58.5 Mn From International Finance Corporation (IFC) to Power Next Growth Phase

Candi Solar, a leading clean energy company specialising in distributed solar solutions for commercial and industrial (C&I) businesses, has secured USD 58.5 million in funding led by the International Finance Corporation (IFC), a member of the World Bank Group. This syndicated debt funding facility - the company's largest round to date - brings Candi's total capital raised to over USD 200 million and positions it firmly in the league of trusted, institutional-grade clean energy platforms.

The project will deliver clean, affordable solar solutions in South Africa and India, driving down operational costs and advancing sustainability for Candi's clients. Candi's portfolio has more than doubled to 220+ MWp in just 18 months, driven by 85 MWp of open-access projects in India and flagship sites including auto components manufacturer Pricol Limited in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium HQ, home of The Sharks rugby team. Candi also powers leading corporations such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills - proving the strength of its model across manufacturing, retail, and commercial real estate.

A vote of confidence in maturity

IFC's investment reinforces Candi's role as a trusted and scalable partner for businesses on their net-zero journey.

IFC's investment comprises

• USD 6.5 million from the Canada-IFC Blended Climate Finance Platform
• Up to USD 42 million equivalent for IFC's own account (composed of rands, rupees, and US dollars), a portion of which is supported by IFC's Managed Co-lending Portfolio Program (MCPP)
• A concessional loan of up to USD 10 million (mixed local rands and rupees) from IFC acting in its capacity as the implementing entity of the Climate Investment Funds' Clean Technology Fund

"This is the largest funding facility we have ever closed," said Bruno Rauis, Director of Candi Solar. "It propels us into our next phase of growth and strengthens our ambition to be the leading distributed energy partner in India, South Africa, and beyond. IFC's involvement is catalytic - it builds confidence among global investors and enables us to access larger pools of capital to scale faster in the years ahead."

"This milestone marks an inflection point for Candi Solar in India," said Nishant Sood, Managing Director of Candi Solar. "It empowers us to scale distributed projects faster, deliver substantial energy savings for our clients, and advance India's net-zero pathway. IFC's trust is a strong endorsement of our model - which has placed us among India's leading distributed solar developers - and reflects the increasing depth and significance of the sector in a rapidly expanding market."

A gateway for global capital

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 ESG and governance standards. This financing structure is not just about enabling Candi's next phase; it is also about mobilising other global capital to an asset class once considered "too risky."

"This facility is a strong validation of our results-based model and its ability to deliver reliable returns," said KJ Mahoney, Head of Capital Structuring at Candi Solar. "IFC's involvement demonstrates that distributed solar can meet the highest standards of performance, governance, and impact, paving the way for global investors to support this sector at scale."

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

Impact beyond megawatts

The facility will directly finance nearly 200 MWp of new projects, with a broader impact on:

• Sustainability - advancing clean energy adoption across key industrial clusters to lower emissions
• Resilience - strengthening grid stability for businesses and communities facing power volatility
• Employment & supply chains - creating jobs and building local industrial capacity
• Affordability - giving companies predictable energy costs and long-term competitiveness

This round follows Candi's USD 24 million equity and mezzanine raise earlier this year, laying the foundation for a high double-digit-million Series D in 2026.



With this milestone, Candi Solar is preparing for its next growth chapter. By 2026, the company aims to expand its contracted portfolio beyond 400 MWp across India and South Africa, while deepening its performance-linked product suite including storage energy solutions. Candi's evolution reflects a bigger global story: distributed solar in emerging markets is no longer aspirational - it is proven, investable, and central to the world's clean energy transition.

About Candi Solar

Candi Solar is a pioneering distributed energy platform that finances, builds, and manages tailored solar solutions for commercial and industrial businesses in India and South Africa. With a contracted portfolio of over 200 MWp, Candi delivers reliable, affordable, and sustainable power while absorbing the technical and performance risks on behalf of its clients.

Since its inception in 2018, the company has raised more than USD 200 million from global investors, blending international capital expertise with deep local execution. Its performance-linked model aligns revenue with actual system output, ensuring long-term accountability and risk transfer. Candi's mission goes beyond decarbonisation: its projects contribute to job creation, enhanced grid resilience, and access to sustainable infrastructure, positioning the company as a trusted partner in the clean energy transition across emerging markets.