49109 - Candi Solar CI

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Summary of Investment Information

Project Number

49109

Company Name

Candi Solar AG

Date SPI Disclosed

Dec 17, 2024

Country

World Region

Region

Global

Projected Board Date

May 22, 2025

Environmental Category

B - Limited

Status

Active

Last Updated Date

Apr 10, 2026

Department

Regional Industry - INF Africa

Industry

Infrastructure

Previous Events

Approved : May 22, 2025
Signed : Nov 19, 2025
Invested : Apr 6, 2026

Sector

Solar - Renewable Energy Generation

Additional Project Attributes

Blended Finance

Project Description

Candi Solar (Candi or the “Company”) is a dedicated solar installer, financier and operator in India and South Africa, headquartered in Switzerland. Candi started operations from India in January 2018 and began South Africa operations 18 months later. Candi offers its Commercial & Industrial (C&I) customers a zero upfront and maintenance cost rooftop solar photovoltaic (PV) solution with a wide range of products to provide solar solutions as per needs of the customers. The various products/models include power purchase agreements, instalment sales, and loans, with terms ranging from 3 years to over 20 years and systems from 100KWp to over 5 MWp. As of November 2024, its project portfolio stood at 118.2MWp, of which 76MWp are operational, 35.6MWp are in construction and 6.0MWp have been contracted. The current split of the Company’s portfolio between India and South Africa is c. 80:20 with a target split of 50:50.

Candi is seeking to raise funding to meet its two-year capital expenditure (CAPEX) plan to increase its solar PV and battery energy storage solutions (BESS) portfolio by c.150MWp in India and South Africa (the Project).

For the proposed investment, an IFC borrower entity will be created in India and South Africa i.e. Candi Solar Asset Hld PTY Limited (“IFC SA AssetCo” or “SA Borrower”) and Candi Solar IN 3 PVT Limited (“IFC IN AssetCo” or “IN Borrower”), together referred as the Borrowers.” IFC proceeds will be used in developing new asset portfolios based on the Candi’s pipeline. Most potential projects in the immediate pipeline are less than 5 MW except for four projects in India with capacities between 5 and 15 MW.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	32.28
Equity

Development Impact

IFC anticipates that the Project will have positive environmental effects by supporting the addition of rooftop solar, thereby helping reduce the GHG footprint of the electricity sector in South Africa and India. IFC also expects the Project to help meet energy demand by providing renewable energy at more competitive tariffs and result in savings for C&I customers. On the market side, IFC expects the Project to contribute to market competitiveness by supporting a private player in the growth stage of the C&I segment and help demonstrate the viability of rooftop solar among SMEs, with potential replicability. IFC also expects the project to contribute to the resilience of the power sector by supporting the diversification of power generation away from fossil fuel-based sources within the C&I market in South Africa.

IFC's additionality is both financial and non-financial. Financial additionality is provided through resource mobilization. Non-financial additionality derives from the application of IFC’s knowledge and experience significant know-how within the energy sector in South Africa and India. IFC’s participation also supports the application of its Performance Standards to mitigate E&S risks, in particular risks related to the construction and operation of the solar projects.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Board Composition Total (#)	number	Not Available	Not Available	Not Available
Board Composition Women (#)	number	Not Available	Not Available	Not Available
Direct Employment (#) Operations And Maintenance	individuals	Not Available	Not Available	Not Available
Female Direct Employment (#) Operations And Maintenance	individuals	Not Available	Not Available	Not Available
Number of Senior Management Positions	individuals	Not Available	Not Available	Not Available
Number of Women In Senior Management	individuals	Not Available	Not Available	Not Available
Patients Served (#)	individuals	Not Available	Not Available	Not Available
Power Generation	GW	Not Available	Not Available	Not Available
Power Generation (Customers #M)	number	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability, as it is considered to involve potentially limited adverse environmental or social risks and impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures.

Key E&S risks associated with the Project will include: (a) company's E&S capacity and management systems to manage its operations (both during installation and operation) in line with IFC PSs; (b) contractor management (especially on health and safety) in line with IFC PSs requirements during installation and operation; (c) implementation of fair, safe and healthy working conditions in line with PS2 and legal requirements; (d) supply chain management for solar panels and batteries; (e) management of waste (broken panels, used batteries etc.) in line with WBG EHS Guidelines; and (f) community grievance mechanism.

Contacts

For Inquiries About the Project, Contact

Candi Solar AG
Fabio Eucalipto
Finance Director
+41 79 413 48 51
fabio@candi.solar
Weststrasse 182, 8003 Zürich, Switzerland
https://www.candi.solar/

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Fax: 202-974-4384

Local Access of Project Documentation

https://www.candi.solar/

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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