India's Green Lender Ecofy Secures $15M for Solar, EVs

Getting a loan for solar panels or an electric vehicle just got easier for thousands of Indian families, thanks to a $15 million boost to the country's first climate-focused lender.

Ecofy, a green financing company founded in 2022, secured the investment from Mirova, a sustainable investing firm. The money will help households and small businesses across India afford rooftop solar installations and electric vehicles without paying the full cost upfront.

The numbers tell an impressive story. In just three years, Ecofy has already served over 130,000 customers across 26 states and more than 500 cities. That's thousands of families slashing their electricity bills while cutting carbon emissions, and small business owners going electric without breaking the bank.

What makes Ecofy different is its focus. As India's first green-only non-banking financial company registered with the Reserve Bank of India, it only finances products that help the environment. No fossil fuels, no exceptions.

The timing couldn't be better. India is racing to expand renewable energy access, but the upfront costs of solar panels and electric vehicles keep many families on the sidelines. Ecofy bridges that gap by spreading payments over time, turning what feels impossible into manageable monthly installments.

The Ripple Effect spreads wider than individual customers. Every rooftop solar system means less strain on India's power grid and fewer coal-fired plants needed. Every electric rickshaw or scooter means cleaner air in crowded cities where pollution affects millions. And every loan creates jobs for installers, electricians, and maintenance workers building India's green economy.

Priyanka Mehrotra from Mirova highlighted what drew them to invest: a platform already proving it can deploy capital efficiently on the ground while creating real impact. This marks Mirova's fourth investment in India's energy transition, signaling their confidence in the country's green future.

For Vivek Khandelwal, Ecofy's Head of Treasury, the partnership means more than money. It's access to long-term, mission-aligned capital that shares their vision of making green technology accessible to everyone, not just the wealthy.

The model is working. Families who once watched their electricity meters spin are now generating their own power. Small businesses that couldn't afford electric delivery vehicles are going green. And it's all happening because someone figured out how to make the math work for regular people.

A financial solution is helping India's green transition reach the people who need it most.