Ecofy, a non-banking financial company backed by Eversource Capital, British International Investment, FMO, and Finnfund, has raised $15 million in debt financing from Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing.

The loan proceeds will be used to support Ecofy’s onward lending to finance residential, commercial, and industrial rooftop solar installations, as well as electric mobility solutions across India.

As of March 2026, Ecofy’s assets under management exceeded ₹14 billion (~$151.5 million), with a fully retail loan book. It established partnerships with more than 100 original equipment manufacturers and over 23 banks and financial institutions to expand access to distribution and financing.

The latest funding is Mirova’s fourth investment in India and is a part of its emerging markets energy transition strategy.

The funding will support Mirova’s climate action goals through financing solar power generation and electric mobility, affordable and clean energy initiatives by expanding distributed renewable energy, and decent work and economic growth initiatives by enabling access to finance for households and enterprises.

This March, Ecofy raised ₹3.8 billion (~$41.1 million) in fresh equity capital to expand its retail-focused green finance operations in India. Ecofy said the funding would support scaling its retail-led model, supported by governance frameworks, risk management systems, and a technology-driven lending platform.

In 2024, Waaree Energies partnered with Ecofy to fund environmentally positive projects. Ecofy said it would invest ₹ $1 billion (~$11.9 million) in this collaboration.

In the same year,  Ecofy secured an investment of ₹900 million (~$10.83 million) from FMO, a Dutch entrepreneurial development bank, to facilitate product diversification and support its expansion across India. The investment would be divided into two equal tranches. It came with a commitment to climate action and was intended to fuel Ecofy’s loan book.

In April, Gurugram-based Battery Smart, a battery-swapping network for electric two- and three-wheelers operated by Upgrid Solutions, secured $15 million in debt funding from Mirova. The company said the funding would be used to expand its battery-as-a-service infrastructure and strengthen its partner-led battery-swapping station network across urban and semi-urban markets in India.