Key Takeaways
- • Pentagreen Capital and Candi Solar have signed a $50 million financing partnership to fund about 400 MWp of solar and battery storage projects in India.
- • The projects are expected to generate 560 GWh of renewable electricity annually and avoid an estimated 397,000 tonnes of CO2 emissions per year.
- • The partnership is expected to serve 227 commercial and industrial customers, 78% of them SMEs, under a model in which Candi finances, builds and operates projects while customers pay for the power generated.
- • Candi plans to more than double its installed capacity to over 1 GW within 24 months, supported by additional shareholder commitments and an equity fundraising round planned for early 2027.
- • The deal runs through Pentagreen's Green Investments Partnership, a blended finance strategy under Singapore's Financing Asia's Transition Partnership, which reached $800 million in committed capital after a second close.
Summary
Singapore-based sustainable infrastructure investor Pentagreen Capital and clean energy company Candi Solar have signed a $50 million financing partnership to invest in solar and battery energy storage projects in India, according to a joint statement. The partnership will fund about 400 megawatt-peak of projects, particularly rooftop, ground-mounted and open-access solar installations paired with battery energy storage systems.
The projects are expected to generate 560 gigawatt-hours of renewable electricity annually and serve 227 commercial and industrial customers, 78% of which are SMEs. The companies estimate the projects will avoid around 397,000 tonnes of carbon dioxide emissions annually. The announcement comes as India has set a target of 500 GW of non-fossil fuel capacity by 2030, up from 300 GW in August 2026, and is promoting battery energy storage to deepen the decarbonisation of its power sector.
Founded in 2018, Candi Solar operates in India and South Africa and has contracted more than 340 MW across over 185 installations. The company has raised more than $200 million in cumulative capital from development finance institutions and infrastructure investors. Candi co-founder and director Fabio Eucalipto said the partnership would help smaller businesses adopt renewable energy without substantial upfront capital investment. Under Candi's model, the company finances and manages the engineering, construction and long-term operation of its solar and storage assets.
The financing supports Candi's plan to more than double its installed capacity to over 1 GW within the next 24 months. The company said the expansion will also draw on additional shareholder commitments and an equity fundraising round planned for early 2027.
Pentagreen was established by HSBC and Temasek and manages the Green Investments Partnership, a blended finance strategy under Singapore's Financing Asia's Transition Partnership initiative. In May, Pentagreen announced the second close of the GIP, raising committed capital from $510 million to $800 million. Pentagreen chief executive Marat Zapparov said the partnership is unlocking finance for projects that make clean energy accessible to an underserved segment, help businesses stabilise energy costs and strengthen India's energy security.
The projects are expected to generate 560 gigawatt-hours of renewable electricity annually and serve 227 commercial and industrial customers, 78% of which are SMEs. The companies estimate the projects will avoid around 397,000 tonnes of carbon dioxide emissions annually. The announcement comes as India has set a target of 500 GW of non-fossil fuel capacity by 2030, up from 300 GW in August 2026, and is promoting battery energy storage to deepen the decarbonisation of its power sector.
Founded in 2018, Candi Solar operates in India and South Africa and has contracted more than 340 MW across over 185 installations. The company has raised more than $200 million in cumulative capital from development finance institutions and infrastructure investors. Candi co-founder and director Fabio Eucalipto said the partnership would help smaller businesses adopt renewable energy without substantial upfront capital investment. Under Candi's model, the company finances and manages the engineering, construction and long-term operation of its solar and storage assets.
The financing supports Candi's plan to more than double its installed capacity to over 1 GW within the next 24 months. The company said the expansion will also draw on additional shareholder commitments and an equity fundraising round planned for early 2027.
Pentagreen was established by HSBC and Temasek and manages the Green Investments Partnership, a blended finance strategy under Singapore's Financing Asia's Transition Partnership initiative. In May, Pentagreen announced the second close of the GIP, raising committed capital from $510 million to $800 million. Pentagreen chief executive Marat Zapparov said the partnership is unlocking finance for projects that make clean energy accessible to an underserved segment, help businesses stabilise energy costs and strengthen India's energy security.
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