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Clean energy company Candi Solar raises $58.5 Mn led by IFC

EntrackrEntrackr · 15d ago
Clean energy company Candi Solar raises $58.5 Mn led by IFC
Medial

Candi Solar, a clean energy company specializing in distributed solar solutions for commercial and industrial (C&I) businesses, has secured $58.5 million in a debt funding round led by the International Finance Corporation (IFC), a member of the World Bank Group. Candi Solar has raised significant funding, including a recent Series C round of $24 million in July 2025. The proceeds will be utilized 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 Solar said in a press release. Founded in 2018 by Nishant Sood, Fabio Eucalipto, and Philippe Flamand, Candi Solar is a 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, the company delivers reliable, affordable, and sustainable power while absorbing the technical and performance risks on behalf of its clients. According to Candi Solar, its project will deliver clean, affordable solar solutions in South Africa and India, driving down operational costs and advancing sustainability for clients. The company's performance-linked model aligns revenue with actual system output, ensuring long-term accountability and risk transfer. Candi Solar’s facility will directly finance nearly 200 MWp of new projects, with a broader impact on sustainability that advances clean energy adoption across key industrial clusters to lower emissions, resilience which strengthens grid stability for businesses and communities facing power volatility, employment & supply chains, and affordability. Candi asserts that its portfolio has more than doubled to over 220 MWp in just 18 months, driven by 85 MWp of open-access projects in India and flagship sites including auto components manufacturer Pricol in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium HQ. It also powers leading corporations such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills. It competes with other major companies in this space such as Cleanmax, Fourth Partner Energy, Cleantech Solar, and Amplus Solar.

Sachin Tendulkar and others invest $18 Mn in Rayzon Solar at $844 Mn valuation

EntrackrEntrackr · 7m ago
Sachin Tendulkar and others invest $18 Mn in Rayzon Solar at $844 Mn valuation
Medial

Solar panel manufacturer Rayzon Solar is raising Rs 150 crore (approximately $18 million) in a new round from the individual investors including Harshadkumar Patel, cricket legend Sachin Tendulkar, and Divyang Patel, among others. The board at Rayzon Solar has passed a special resolution to issue 64,10,260 equity shares at an issue price of Rs 234 to raise Rs 150 crore or $18 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Harshadkumar Patel led the round with Rs 26.8 crore, followed by Sachin Tendulkar and Divyang Patel contributing Rs 5 crore each. Around 90 other individual investors also participated in the round, contributing through smaller cheques. The proceeds will be used to support the company’s business expansion and future growth plans, including meeting its long-term and short-term funding needs, as well as for general corporate purposes. Additionally, the company has also launched a new ESOP Plan 2025, which will consist of 1,00,00,000 employee stock options, filings stated. Each ESOP option will be converted into equity shares. According to Entrackr’s estimates, the newly added ESOP plan is valued at approximately Rs 234 crore (around $27.5 million). The Surat-based company will be valued at around Rs 7,170 crore or around $844 million post-allotment. This appears to be the maiden external funding round for the IPO-bound firm, as no prior funding history could be traced before this round. Founded in 2017, Rayzon Solar operates on both B2B and B2C models, manufacturing high-efficiency solar PV modules for distributors, EPC companies, and end users. The company caters to residential, commercial, and utility-scale projects across India and international markets. This funding round appears to be a pre-IPO raise, as the company is planning to go public and is expected to file its Draft Red Herring Prospectus (DRHP) soon, according to media reports. For the fiscal year ending March 2024, Rayzon Solar reported an operating revenue of Rs 1,273 crore and a net profit of Rs 61 crore, according to its standalone financial statements filed with the RoC.

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