Pentagreen Capital and Candi Solar Sign $50 Million Financing Partnership for India Solar

Pentagreen Capital and Candi Solar have signed a $50-million financing partnership to invest in solar and battery storage projects in India, the companies said in a statement. DealStreetAsia reported the agreement on November 5, 2026.

What the Pentagreen and Candi Partnership Funds

The partnership will fund about 400 megawatts-peak of solar and battery storage 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 said the projects would enable the avoidance of an estimated 397,000 tonnes of carbon dioxide emissions annually.

India has set a target of 500GW of non-fossil fuel capacity by 2030, up from 300GW in August 2026, and is promoting battery energy storage to deepen the decarbonisation of its power.

"Together, we are unlocking finance for projects that make clean energy accessible to an underserved segment, help businesses stabilise their energy costs and strengthen India's energy security," said Marat Zapparov, chief executive of Pentagreen Capital.

Candi co-founder and director Fabio Eucalipto said the partnership would help smaller businesses adopt renewable energy without making substantial upfront capital investments. Under its business model, Candi finances and manages the engineering, construction and long-term operation of solar and storage projects, while customers pay for the electricity generated. Founded in 2018, Candi Solar operates in India and South Africa and has contracted more than 340 MW across over 185 installations. It has raised more than $200 million in cumulative capital from development finance institutions and infrastructure investors.

Pentagreen's Green Investments Partnership Capital

Pentagreen, established by HSBC and Temasek, manages the Green Investments Partnership, a blended finance strategy under Singapore's Financing Asia's Transition Partnership initiative. According to akta.pro company records, the second close of the Green Investments Partnership in May 2026 brought committed capital from US$510 million to US$800 million, with DBS Bank and Cathay United Bank joining via senior tranche lending arrangements. The same records show initial capital of US$150 million provided by shareholders HSBC and Temasek at launch, and a target of deploying blended finance reaching a scale of near US$1 billion within five years.

Candi Solar's Capacity and Fundraising Plans

The financing would support Candi's expansion alongside additional shareholder commitments and an equity fundraising round planned for early 2027, the company said. Candi seeks to more than double its installed capacity to over 1 gigawatt within the next 24 months.