Singapore-based Pentagreen Capital, manager of the Green Investments Partnership under Singapore's Financing Asia's Transition Partnership (FAST-P) initiative, and Candi Solar, a clean energy company specialising in distributed solar solutions for commercial and industrial (C&I) businesses, announced on 5 November 2026 the signing of a USD 50 million financing partnership.

Financing to support solar and battery projects in India

The transaction will finance approximately 400 MWp of solar and battery energy storage projects in India, with the aim of expanding access to clean energy for the country's small and medium-sized enterprise (SME) segment.

According to the announcement, SMEs in India are underserved with renewable energy access yet account for 31% of the country's Gross Domestic Product and 35% of its manufacturing output.

The facility is also expected to underpin Candi's rapid expansion, supporting the company's objective to more than double its total capacity to exceed 1 GW over the next 24 months.

What the financing will deliver

The facility will finance rooftop, ground-mounted, and open-access solar installations paired with battery energy storage systems (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.

The partnership estimates the projects will enable the avoidance of approximately 397,000 tonnes of carbon dioxide emissions annually.

Leadership perspectives

Marat Zapparov, CEO of Pentagreen Capital, framed the partnership in the context of India's broader energy needs. "India's growing energy demand and need to reduce oil imports make the transition to clean energy both a strategic and an economic priority," he said.

"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, emphasised the role of smaller businesses in India's energy transition. "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," he said.

"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."

Eucalipto described the Pentagreen partnership as "an important milestone and the first building block in our next phase of growth," noting that, together with recent additional shareholder commitments and an equity round planned for early next year, the capital will help the company 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."

Candi's customer-first, turnkey model

Candi Solar operates as a solar project developer and financier serving commercial and industrial businesses across India.

The company addresses customers' 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.

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. The 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.

India's clean energy context

The announcement situates itself within India's national energy targets. India has set a goal of 500 GW of non-fossil fuel capacity by 2030, up from 300 GW as of August 2026, and is promoting battery energy storage to deepen the decarbonisation of its power sector.

Citing India's public policy think tank NITI Aayog and its "Roadmap for Green Transition of MSMEs," the announcement notes that 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 described as key to accelerating India's energy transition.

Pentagreen and the FAST-P initiative

Pentagreen Capital is headquartered in Singapore and 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 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.

The strategy is focused on Southeast Asia with an allocation to South Asia and 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 FAST-P strategy is backed by Pentagreen Capital, the FAST-P Office under the Monetary Authority of Singapore (MAS), the Australian Government represented by Export Finance Australia, the International Finance Corporation, the Dutch Entrepreneurial Development Bank (FMO), HSBC, Temasek, British International Investment, the 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.

A milestone for distributed clean energy finance

The USD 50 million partnership links Singapore-backed blended finance capital with India's distributed solar sector, targeting a segment of the market, SMEs, that the companies describe as underserved by renewable energy financing despite its substantial contribution to GDP, manufacturing output, and national emissions.

For Candi Solar, the facility marks the first building block in a growth phase aimed at more than doubling its operational capacity past the 1 GW mark within two years, while for Pentagreen it extends the reach of the FAST-P initiative into financing solar and storage for commercial and industrial customers in South Asia.

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