Founded in 2022 by Rajashree Nambiar and Govind Sankaranarayanan, and backed by Eversource Capital, British International Investment, FMO and Finnfund, Ecofy is India’s leading retail-focused climate financing platform. In just three years, the company has scaled to serve over 130,000 customers, with a strong pan-India presence across 26 states and more than 500 cities.

Ecofy, India’s first green-only NBFC will deploy the loan proceeds to support onward lending, financing residential and commercial & industrial (C&I) rooftop solar installations, as well as electric mobility solutions across India. The transaction aims to accelerate the deployment of clean energy and low-carbon technologies while contributing to economic development.

The transaction marks Mirova’s fourth investment in India as part of its dedicated energy transition strategy in emerging markets, underscoring its long-term commitment to supporting the country’s low-carbon transition. This investment contributes to three of Mirova’s four key impact areas:

·         Climate action (SDG 13), through the financing of solar photovoltaic generation and electric mobility;

·         Affordable and clean energy (SDG 7), by supporting the expansion of distributed renewable energy; and

·         Decent work and economic growth (SDG 8), by enabling access to finance for households and enterprises. 

Vivek Khandelwal, Head Treasury, Ecofy said: “This partnership with Mirova marks another significant milestone in Ecofy’s journey to scale green financing. Access to long-term, mission-aligned capital strengthens our ability to reach households and small businesses for their rooftop solar and electric mobility solutions. We remain focused on building a robust, accessible financing ecosystem for India’s green transition.”

Priyanka Mehrotra, Investment Director, Mirova Division of Natixis Investment Managers Singapore Limited[2], added: “Financing the energy transition in emerging markets requires solutions that can combine scale, local reach and measurable impact. By supporting Ecofy, we are backing a platform that is already demonstrating its ability to deploy capital efficiently on the ground, accelerating access to clean energy and electric mobility while supporting inclusive economic growth in India.”

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