Ecofy's Green Revolution: $12.5M to Fuel India's Sustainable Future

Ecofy Finance, an Indian NBFC dedicated to supporting the green transition, has secured a $12.5 million long-term loan from the Investment Fund for Developing Countries (IFU), a financial institution owned by the Danish government. The funding aims to address India's last-mile climate finance gap, particularly in the consumer, transportation, and small business sectors.

With this investment, Ecofy plans to finance over one million electric vehicles and facilitate more than 1.5 GW of rooftop solar installations over the next six to seven years, accelerating decarbonization in transportation and energy consumption. The initiative is also expected to help reduce air pollution caused by fossil fuel-powered vehicles. A portion of IFU’s financing will support individuals and SMEs, enhancing access to green financing solutions.

This investment aligns with the India-Denmark Green Strategic Partnership, established in 2020. Axis Bank served as the exclusive financial advisor to Ecofy for this transaction.

News by Rahul Yelligetti.