India’s ‘Green’ retail NBFC Ecofy promoted by Eversource Capital
Nov 2022 Corporate
MUMBAI: In an industry first move, Eversource promoted Accretive Cleantech Finance Private Ltd, operating as ‘Ecofy’, has received regulatory approval from the Reserve Bank of India (RBI) to operate as a non-deposit taking non-banking financial company (NBFC). This makes Ecofy one of its kind green retail NBFC in the country.
Mumbai-based Ecofy has been promoted by Eversource Capital, India’s leading climate impact investor along with NBFC industry veterans Rajashree Nambiar (former MD & CEO, Fullerton India Credit Company Ltd.) and Govind Sankaranarayanan (former Group COO and CFO, Tata Capital Ltd). Ecofy will lend to individuals and small businesses to accelerate the transition towards a net zero carbon world. The company will offer financial solutions for green asset classes such as electric vehicles (2 and 3-wheelers), rooftop solar and energy-efficiency SMEs.