Denmark’s IFU lends US$12.5m to Ecofy for EV, solar finance

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Ecofy Finance, a green-focused NBFC based in India, has secured a US$12.5m long-term loan from Denmark’s state-owned development finance institution, the Investment Fund for Developing Countries (IFU), according to a 25 March press release from Ecofy.

The company plans to finance over 1 million EVs and 1.5GW of rooftop solar in the next 6–7 years. IFU has structured the deal as long-term debt under the India–Denmark Green Strategic Partnership, the release said.

Ecofy provides climate finance to individuals and SMEs in the electric vehicle and rooftop solar sectors.

Axis Bank advised Ecofy on the deal.

Source: Ecofy