India's Candi Solar Signs USD 50 Million Financing Agreement to Develop 400 MW Solar-Storage Projects

en.Wedoany.com Reported - On November 5, clean energy developer Candi Solar signed a USD 50 million financing cooperation agreement with Pentagreen Capital, a Singapore-based sustainable infrastructure financing institution, planning to build approximately 400 megawatts-peak (MWp) of photovoltaic and battery energy storage projects in India. The financing will be provided through the Green Investment Partnership (GIP) managed by Pentagreen, with a focus on supporting distributed solar-storage facilities for Indian commercial and industrial enterprises and small and medium-sized enterprises.

Under the agreement, the funds will be used for rooftop photovoltaic, ground-mounted photovoltaic, and open-access photovoltaic projects in major commercial and industrial centers in India, equipped with battery energy storage systems. The projects are expected to provide approximately 560 million kWh of renewable energy electricity annually, serving 227 commercial and industrial customers, 78% of which are small and medium-sized enterprises. The two parties estimate that the relevant projects can reduce approximately 397,000 tons of carbon dioxide emissions annually.

Candi Solar will adopt an integrated energy service model, responsible for project financing, engineering design, construction, and long-term operation and management. Commercial and industrial customers obtain energy services through payment based on actual green electricity usage, without bearing upfront capital expenditure for the projects. The project implementation covers photovoltaic power generation systems, energy storage facilities, and long-term operation and maintenance.

This financing will support Candi Solar's goal of expanding its operating photovoltaic installed capacity to more than 1 gigawatt within the next 24 months. The company also plans to launch a new round of equity financing in early 2027 and advance project development in India in combination with new funding commitments from existing shareholders.

Pentagreen Capital was jointly established by HSBC and Temasek, and manages the Green Investment Partnership under Singapore's Financing Asia's Transition Partnership (FAST-P) framework.