Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, announces a USD 15 million investment in Eversource-backed Ecofy, a Reserve Bank of India (RBI)-registered NBFC specializing in financing green products.
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, 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.”
