Debt financing
NBFC Ecofy raises $12.5 M from Denmark’s IFU for EV and solar financing
Mumbai-based Ecofy Finance , a non-banking financial company (NBFC) focused on climate solutions, has raised a USD 12.5 million long-term loan facility from Denmark’s Investment Fund for Developing Countries (IFU).The new funds will be used to expand the firm’s loan portfolio for electric two- and three-wheelers and rooftop solar systems, targeting over 1 million EVs and 1.5 gigawatts of solar capacity within six to seven years.Axis Bank acted as the exclusive financial advisor to Ecofy for the transaction.
In Jan 2024, Ecofy had attracted about USD 10 M from FMO.
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