Ecofy secures $12.5 million loan to support green transition, ET BFSI
Ecofy Finance, a non-banking financial company (NBFC) targeted on supporting India’s inexperienced transition, has secured a $12.5 million long-term mortgage facility from the Funding Fund for Creating International locations (IFU). IFU is a improvement finance establishment owned by the Denmark authorities.
The funding will allow Ecofy to broaden its mortgage portfolio, notably for electric vehicles and rooftop photo voltaic methods in India. The corporate goals to deal with the local weather finance hole within the shopper, transportation, and small enterprise sectors.
With this help, Ecofy plans to finance over 1 million electrical automobiles (EVs) and greater than 1.5 GW of rooftop photo voltaic over the subsequent 6 to 7 years.
Focusing on underserved sectors
The financing will goal people and small companies, who usually face challenges accessing conventional financing choices. The corporate goals to supply these teams with the chance to spend money on EVs and solar energy options, serving to cut back air pollution from fossil gas automobiles and help the decarbonisation of energy consumption in India.
Vivek Khandelwal, treasury head at Ecofy, acknowledged that the funding from IFU would allow the corporate to scale its lending operations and help underserved debtors.
Axis Financial institution acted because the unique monetary advisor for this transaction.
