Media Coverage

Pentagreen Capital and Candi Solar announce a US$50 million financing partnership for 400 MW of solar and battery storage projects in India

Illustration of solar panels and battery storage cabinets

Singapore, 5 November 2026 – Pentagreen Capital (“Pentagreen”), manager of the Green Investments Partnership (“GIP”), a strategy under Singapore’s Financing Asia’s Transition Partnership (“FAST-P”) initiative, and Candi Solar, a leading clean energy company specialising in distributed solar solutions for commercial and industrial (“C&I”) businesses, today announced the signing of a US$50 million financing partnership.

The transaction will finance approximately 400MWp of solar and battery energy storage projects in India, expanding access to clean energy for the small and medium-sized enterprise (“SME”) segment, which is underserved with renewable energy access but accounts for 31% of the country’s Gross Domestic Product and 35% of its manufacturing output.¹ It will also underpin Candi’s rapid expansion, supporting the company's objective to more than double its total capacity to exceed 1GW over the next 24 months.

Marat Zapparov, CEO of Pentagreen Capital said: “India’s growing energy demand and need to reduce oil imports make the transition to clean energy both a strategic and an economic priority. Pentagreen Capital, under Singapore’s FAST-P initiative, is honoured to partner with Candi, whose flexible solar and storage solutions are tailored to the needs of India’s SMEs. 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.”

Fabio Eucalipto, Co-founder and Director of Candi Solar, said: "The climate crisis demands an energy transition that reaches far beyond large corporations to the millions of smaller businesses that power India's economy and drive its industrial growth. These companies should benefit from clean, reliable energy without the burden of mastering energy complexities or making major capital commitments. At Candi, we have spent years building a customer-first model to make this possible. By combining rooftop and ground-mounted open-access solutions with flexible financing, we can deliver tailored energy solutions at scale. Our partnership with Pentagreen is an important milestone and the first building block in our next phase of growth. Together with recent additional shareholder commitments and an equity round planned for early next year, the capital will help us accelerate towards installing more than 1 GW of operational solar capacity within the next 24 months, bringing clean energy to hundreds more businesses across India.”

The facility will finance rooftop, ground-mounted, and open-access solar installations paired with BESS across key business hubs in India. These projects are expected to deliver 560 gigawatt hours (“GWh”) of renewable energy annually, supporting the decarbonisation of 227 commercial and industrial customers, 78% of which are SMEs. This 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 sector.² According to India’s public policy think tank NITI Aayog’s “Roadmap for Green Transition of MSMEs,” SMEs in India account for approximately 135 million tonnes of carbon dioxide equivalent (“MtCO2e”) of emissions annually, largely due to fossil fuel-based energy use. Providing capital to this underserved segment is key to accelerating India’s energy transition.

Under Candi's turnkey shared-value model, clients preserve their capital, paying only for the clean energy generated while Candi manages all engineering, construction and long-term operational performance.

As a solar project developer and financier serving commercial and industrial businesses across India, Candi addresses their clean energy needs through a suite of flexible, performance-linked solar and storage solutions tailored to each customer’s energy requirements and cost-saving objectives. Its model enables SMEs to adopt clean energy without upfront capital expenditure, while integrating solutions into their existing operations. By reducing reliance on conventional energy sources, these solutions can also help businesses manage energy costs and reduce exposure to fluctuations in diesel and grid electricity prices.

About Pentagreen Capital

Headquartered in Singapore, Pentagreen is the sustainable infrastructure debt financing platform established by HSBC and Temasek, dedicated to accelerating sustainable infrastructure in Asia. The company seeks to unlock the flow of capital where it is most needed, bridge critical gaps in Asia’s infrastructure financing needs, and open new infrastructure opportunities to investors.

Pentagreen Capital operates a blended finance strategy under the Financing Asia’s Transition Partnership (“FAST-P”), a Singapore-led initiative in collaboration with key global public, private and philanthropic partners. Focused on Southeast Asia and with an allocation to South Asia, the strategy provides debt finance to accelerate the development of projects across renewable energy and storage, electric vehicle infrastructure, sustainable transport, water and waste management, data infrastructure and other green infrastructure sectors.

The strategy is backed by Pentagreen Capital, the FAST-P Office under the Monetary Authority of Singapore (“MAS”), Australian Government represented by Export Finance Australia, International Finance Corporation, the Dutch Entrepreneurial Development Bank (“FMO”), HSBC, Temasek, British International Investment, Bank of the Philippine Islands, Allied Climate Partners, DBS and Cathay United Bank. The European Commission is supporting the strategy under its Global Gateway programme.

Pentagreen holds a capital markets services license from the MAS to carry out fund management activities. For more information, please visit www.pentagreen.com.

Media enquiries to Pentagreen Capital:

Ashbury Communications

pentagreen@ashburycommunications.com

About Candi Solar

Founded in 2018 and headquartered in Zurich, Switzerland, Candi Solar is a leading clean energy company and dedicated distributed solar and battery storage partner for commercial and industrial (“C&I”) enterprises across India and South Africa.

Combining Swiss engineering standards with flexible, balance-sheet-light financing models, including Power Purchase Agreements (“PPAs”) and Performance-Linked Models (“PLLs”) Candi manages every project end-to-end, enabling businesses to switch to clean power with minimal capital outlay and complete generation guarantees.

Candi has contracted over 340 MW across more than 185 installations. To date, Candi Solar has secured over USD 200 million in cumulative capital from premier global development finance institutions and leading infrastructure investors. The company is supported by key equity partners Norfund, STOA Infra & Energy, and Kyuden International, alongside institutional lenders including the International Finance Corporation (“IFC”) and the Energy Entrepreneurs Growth Fund (“EEGF”). For more information, visit www.candi.solar.

Media enquiries to Candi Solar:

Bhavya Master
bhavya@candi.solar
Global Head of Marketing

¹ https://www.pib.gov.in/PressReleasePage.aspx?PRID=2219984&reg=48&lang=2

² https://www.pib.gov.in/PressReleasePage.aspx?PRID=2296782&reg=48&lang=2

The challenge

Load shedding
Rising electricity prices
An unpredictable grid

Lower electricity costs

In 2025 alone, the system delivered:

R622,159
in electricity savings
1.4 GWH
of clean energy generated
1,800 TONNES
of CO₂ emissions avoided

The result is not only a more resilient operation, but a more cost-efficient and sustainable one too

One Successful Phase Deserves Another

Aerial view of solar panels across the Bracken Timbers sawmill roof

The performance of the first phase gave Bracken Timbers the confidence to go further.

Following its success, the company approved an additional 540 kWp expansion. Once complete, the expanded system is expected to increase annual electricity savings to approximately R1.1 million, while covering even more of the sawmill's daytime energy needs.

Every time the power went out, production slowed. Delivery schedules became harder to maintain, customer commitments came under pressure, and the disruption extended far beyond the factory floor - to suppliers, customers and the company's 1,500-strong workforce.

The team explored generating electricity using its own wood waste, including sawdust and bark. While it was technically possible, building, operating and maintaining an energy plant would require specialist expertise outside its core business.

Bracken Timbers knew what it needed: a reliable energy solution and an experienced partner to make it happen.

Close view of solar panels on the Bracken Timbers sawmill roof

The solution

Candi Solar designed and financed a 1.5 MWp solar installation through its Performance-Linked Instalment Sale (PLIS) model.

In simple terms, Bracken Timbers did not need to make a heavy upfront investment or take on the operational risk of managing a solar plant.

Instead, the business pays for the energy the system generates, while Candi takes responsibility for its performance, maintenance and long-term optimisation.

That means the Bracken Timbers team can remain focused on what it does best: producing quality structural timber - while its solar system gets on with producing reliable, more affordable energy.

Rows of solar panels across the Bracken Timbers sawmill roof

The impact

Production Keeps Moving

The solar system was integrated with Bracken Timbers' existing backup generators, helping the sawmill continue operating for full nine-hour shifts during load shedding.

So, while grid interruptions continue to bring production to a halt for many manufacturers, Bracken Timbers can keep its mill running, stay on schedule and continue fulfilling customer orders.

Most importantly, this increased energy stability helps protect consistent employment for more than 1,500 people.

“

The partnership has delivered exactly what was promised. As the solar system operates over time, the financial and operational benefits will only continue to grow.

George Johnson,
Director, Sawmill & Charcoal,
Bracken Timbers

Introduction

Asahi India Glass (AIS) is India’s leading integrated glass and window solutions company, manufacturing products used across the automotive and architectural industries.

From windscreens in leading vehicle brands to glass used in commercial buildings, offices, and homes, AIS products are everywhere.

Behind them, though, is a manufacturing process that needs a lot of energy.

Furnaces run continuously at extremely high temperatures. Production lines operate around the clock. And electricity is critical to maintaining consistent quality and output.

So, when the cost of power goes up, it doesn’t stay confined to the electricity bill. It goes straight into the cost of manufacturing.

That’s where solar came in.

Today, through its partnership with Candi Solar, AIS saves more than ₹33 lakh in electricity costs every year while generating clean energy on-site through a 1.5 MWp rooftop solar plant.

For manufacturers like Asahi, reducing energy costs isn’t just about lowering overheads; it is an opportunity to strengthen the long-term competitiveness and sustainability of its operations.

The Challenge

For a manufacturing business, “just use less electricity” isn’t really an option.

Furnaces must operate continuously at extremely high temperatures, production lines run around the clock, and consistent power is essential for maintaining product quality and output.

This means that rising electricity tariffs directly impact manufacturing costs and long-term competitiveness. Every increase in power costs affects margins, making energy one of the few operating expenses where strategic improvements can create lasting business value.

Asahi needed to reduce that exposure without disrupting operations or putting significant capital into an energy asset.

In simple terms: It needed lower-cost power. And it needed a solution that would not become another plant for its own team to manage.

The Solution

Candi Solar partnered with Asahi through a 1.5 MWp rooftop solar project under a Power Purchase Agreement (PPA).

The model enables Asahi to benefit from clean, lower-cost solar electricity without investing upfront capital or taking the responsibility for managing the system.

Candi Solar finances, operates, and maintains the solar asset while actively managing its long-term performance, allowing Asahi to concentrate on what it does best - manufacturing world-class glass.

The Impact

Lower energy costs every year

Rooftop solar
1.5 MWp
plant capacity
Clean electricity
1,870 MWh
generated every year
Annual savings
₹33+ lakh
in electricity costs

For an energy-intensive manufacturer, electricity isn’t a peripheral expense. It directly affects the economics of production. So every unit of lower-cost solar power isn’t just a sustainability win. It is a manufacturing cost avoided - year after year.

Manufacturing with a smaller carbon footprint

The plant also helps Asahi avoid more than 1,530 tonnes of CO₂ emissions annually.

The production process hasn’t changed.
The quality requirements haven’t changed.
The furnaces are still doing what they need to do.

What has changed is where part of that electricity comes from, allowing the business to reduce the carbon footprint of its operations without compromising on its production.

The Cost of Waiting

Solar decisions are usually evaluated around one question: “How much will we save?”

But for businesses with large electricity bills, there’s another useful question: “How much are we losing while we decide?”

Asahi is now saving more than ₹33 lakh every year.

That means every year without the system would have been another year of paying more for electricity that could have been generated at a lower cost on its own rooftop.

Rooftop solar array installed beside a plant wall

For energy-intensive manufacturers, that is perhaps the more interesting way to look at solar.

Not simply as an investment. But as an operating cost you can start reducing today.

Thinking about solar for your business?

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