Candi lands €44.5M debt facility to build 400 MWp of Indian solar and storage
What's the deal? Candi, a Zurich-based distributed solar developer, has secured €44.5 million ($50 million) in debt financing from Pentagreen CapitalDealroom has a profile for this one. Try Dealroom → to fund roughly 400 MWp of solar and battery storage projects in India.
Who's backing it? Pentagreen, a sustainable infrastructure debt platform set up by HSBC and Temasek, is deploying the money through its Green Investments Partnership, a strategy under Singapore's Financing Asia's Transition Partnership initiative.
The facility will fund rooftop, ground-mounted, and open-access solar paired with battery storage across Indian business hubs. The projects are expected to generate 560 gigawatt hours of renewable energy a year for 227 commercial and industrial customers, 78% of them SMEs.
What's the endgame? Founded in 2018, Candi finances, builds, and operates solar projects under a turnkey model where customers pay only for the energy generated. It has contracted over 340 MW across more than 185 installations and raised over $200 million to date.
Why now? The deal supports Candi's goal of exceeding 1 GW of capacity within 24 months. It follows a $58.5 million IFC-led debt round in November 2025, making this a further scale-up rather than a first institutional financing.
Co-founder and director Fabio Eucalipto called the Pentagreen partnership "the first building block in our next phase of growth," adding that an equity round is planned for early next year.
The signal: The financing lands as India pushes storage deployment, having just approved a US$1.97B viability-gap scheme targeting 92 GWh of energy storage. It also marks the growing role of blended-finance platforms: Pentagreen's Green Investments Partnership reached $800 million in committed capital this year.
Read more: renewablesnow.com
Image credit: USDAgov
