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					</table><a href="https://www.ecofy.co.in/" target="_blank" rel="noopener">Ecofy</a>, a non-banking financial company backed by Eversource Capital, British International Investment, FMO, and Finnfund, has raised $15 million in debt financing from <a href="https://www.mirova.com/fr" target="_blank" rel="noopener">Mirova</a>, 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 <a href="https://www.mercomindia.com/ecofy-raises-%E2%82%B93-8-billion-to-expand-retail-green-finance-in-india" target="_blank" rel="noopener">raised</a> ₹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 <a href="https://www.mercomindia.com/waaree-partners-with-ecofy-household-rooftops" target="_blank" rel="noopener">partnered</a> 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 <a href="https://www.mercomindia.com/solar-ev-financing-firm-ecofy-secures-900-million" target="_blank" rel="noopener">secured</a> 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, <a href="https://www.mercomindia.com/battery-smart-raises-15-million-from-mirova-to-expand-ev-charging-network" target="_blank" rel="noopener">secured</a> $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.

Ecofy Secures $15 Million from Mirova to Support Rooftop Solar Financing

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					</table>Gurugram-based <a href="https://www.batterysmart.in/" target="_blank" rel="noopener">Battery Smart</a>, a battery-swapping network for electric two- and three-wheelers operated by Upgrid Solutions, has secured $15 million in debt funding from Mirova, an affiliate of Natixis Investment Managers focused on sustainable investing.
The company said the funding will 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.
Battery Smart operates a platform that allows electric vehicles (EVs) to exchange depleted batteries for fully charged ones in about two minutes.
The company has deployed 281,587 batteries and operates 1,569 battery-swapping stations.
The funding comes amid the growth of India’s electric mobility ecosystem, where battery swapping is one of the models being adopted for commercial electric two- and three-wheelers.
Battery Smart said the funding is expected to support the expansion of its network and help serve more drivers and fleet operators.
Mirova has financed 7.7 GW of clean energy installed capacity in emerging markets since 2022.
Last October, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/government-notifies-guidelines-for-charging-stations-under-pm-e-drive" target="_blank" rel="noopener">notified</a> operational guidelines for deploying EV public charging stations under the PM Electric Drive Revolution in Innovative Vehicle Enhancement program.
Subsidies will be provided for EV public charging, battery-swapping, and battery-charging stations. While subsidies will primarily cover upstream infrastructure costs, support may also extend to EV supply equipment costs in certain cases.
EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-clock-35-yoy-growth-in-q1-2026" target="_blank" rel="noopener">reached</a> 696,769 units in the first quarter (Q1) of 2026, an increase of over 35.5% year-over-year against the 514,198 units.
EVs account for 9% of overall automobile sales, which totaled 7,889,101 units in Q1 2026, according to data from the Ministry of Road Transport and Highways.
In June 2024, Battery Smart <a href="https://www.mercomindia.com/battery-smart-expand-battery-swapping-network" target="_blank" rel="noopener">secured</a> $65 million in a Series B funding round led by LeapFrog Investments. This equity round included both primary and secondary investments and drew participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.
In 2023, Battery Smart <a href="https://www.mercomindia.com/battery-smart-pre-series-funding" target="_blank" rel="noopener">raised</a> $33 million by closing a pre-series B funding round.

Battery Smart Raises $15 Million from Mirova to Expand EV Charging Network

<a href="https://www.juwi.com/" target="_blank" rel="noopener">JUWI</a>, a wholly owned subsidiary of MVV Energie AG, signed an agreement with Mirova, an asset management firm and an affiliate of Natixis Investment Managers, for the sale of the 156 MW Clover solar project portfolio in Greece.
The Clover solar portfolio, developed by JUWI Hellas, comprises four projects located in the regional units of Kozani and Grevena in Northwest Greece. JUWI Hellas will serve as the engineering, procurement, and construction contractor for the portfolio, overseeing the complete technical design, equipment procurement, and construction of the solar projects. Construction of the project is expected to begin in November.
Upon completion, JUWI will also be responsible for the operation and maintenance of the portfolio. Once operational, the projects will produce more than 300 million kWh of clean electricity annually.
The portfolio will deploy 243,000 bifacial solar modules, more than 480 string inverters, and 9,100 single-axis trackers.
&#8220;Over the past five years, JUWI Hellas has completed M&amp;A transactions exceeding half a billion euros and has established itself as Greece&#8217;s benchmark for utility-scale solar development and EPC execution. We&#8217;ve consistently demonstrated our ability to align strategic vision with operational excellence. The sale of the Clover portfolio to Mirova, along with the signing of the EPC and O&amp;M contracts, marks another important milestone in our journey,&#8221; says Takis Sarris, Managing Director of JUWI Hellas.
In April, JUWI Energie Rinnovabili, the Italian subsidiary of international project developer JUWI Group, announced the <a href="https://cms.mercomindia.com/juwi-energie-rinnovabili-sells-50-5-mw-solar-project-portfolio/" target="_blank" rel="noopener">sale</a> of a 50.5 MW solar project portfolio to Kelag Italia, a subsidiary of Kelag Group, an Austrian renewable energy provider.
In 2024, the company also <a href="https://cms.mercomindia.com/juwi-sells-267-mw-solar-portfolio-in-greece/" target="_blank" rel="noopener">sold</a> a 267 MW solar portfolio in Greece to Foresight and Mirova, a Paris-based asset management company. The portfolio comprises three solar projects with individual capacities of 160 MW, 40 MW, and 67 MW. JUWI acquired the portfolio from Hive Energy in November 2023.
In the first nine months of 2025, approximately 29 GW of solar projects were acquired compared to 28.3 GW in 9M 2024, according to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.

JUWI Sells 156 MW Solar Project Portfolio in Greece

<a href="https://jetcharge.com.au/" target="_blank" rel="noopener">JET Charge</a>, an EV charging solutions provider, has secured A$72 million (~$45 million) in funding. The funding was led by Mirova, an affiliate of Natixis Investment Managers, through its Mirova Energy Transition Fund 6, along with existing shareholders, including Clean Energy Finance Corporation (managed by Virescent Ventures), RACV, and Kilara Capital.
The company stated that this funding will be used to expand its ‘Charging as a Service’ offering, continue developing its technologies and accelerate deployment in Australia.
“This strategic capital will accelerate the rapid deployment of Charging as a Service, bolstered by the continued development of our in-house technologies, including CORE, our advanced on-site energy management system, and Illuminate, our flagship asset management platform. CaaS removes the cost and complexity of operating an EV charging network, eliminating many of the upfront capital barriers by seamlessly bridging the digital and physical worlds to deliver a reliable EV charging network.”, said Ellen Liang, Co-Founder of JET Charge
Founded in 2012, the company provides charging infrastructure, both hardware and software support, from individual households to highways across regional and metropolitan areas in Australia. According to the company, it has delivered 20,000 chargers and accessories so far and even started its services in New Zealand.
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, Venture capital funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.
In October, MobilityPlus, a company that provides charging solutions for electric vehicles, <a href="https://cms.mercomindia.com/ev-charging-platform-mobilityplus-receives-43-million-funding/" target="_blank" rel="noopener">secured</a> €40 million (~$43 million) in funding from Suma Capital through its Climate Impact Fund III, an Article 9 fund for European energy transition investments. Previous investors, such as Concentra, also participated in the funding. The funds will be used to expand its EV fleet charging portfolio and grow its charging network in Belgium and France.

EV Charging Platform JET Charge Receives $45 Million Funding

Catalyze, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/catalyze-secures-100-million-financing-for-community-solar-projects/" target="_blank" rel="noopener">secured</a> $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority  for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.
RWE Clean Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/rwe-acquires-solar-energy-storage-projects/" target="_blank" rel="noopener">announced</a> the acquisition of 599 MW solar and energy storage projects from Galehead Development, a solar, wind, and energy storage project developer in the U.S. The projects being acquired include two development-stage projects located within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York.
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, <a href="https://cms.mercomindia.com/mirova-acquires-solar-and-energy-storage-project-portfolio-in-spain/" target="_blank" rel="noopener">signed</a> an agreement for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy. The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.
Apex Clean Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/apex-clean-energy-secures-funding-energy-storage-projects/" target="_blank" rel="noopener">secured</a> more than $150 million in project financing for two energy storage projects in Texas. First Citizens Bank Energy and Bank United served as co-lead arranger of financings. Both projects are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger of the financing.
Photon Energy, a solar project developer, <a href="https://cms.mercomindia.com/photon-energy-secures-16-million-multi-tranche-project-funding/" target="_blank" rel="noopener">secured</a> €15 million (~$16.24 million) senior secured loan from the European Bank for Reconstruction and Development to develop a 29 MW solar project portfolio in Romania. The portfolio consists of six solar projects.
Enfinity Global, a renewable energy project developer, has <a href="https://www.mercomindia.com/enfinity-solar-wind-projects-india" target="_blank" rel="noopener">announced</a> financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-brightnight-secure-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Catalyze Secures $100 Million for Community Solar Projects

<a href="https://www.mirova.com/" target="_blank" rel="noopener">Mirova</a>, an affiliate of Natixis Investment Managers dedicated to sustainable investing, signed an agreement for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy.
The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.
The project consists of one &#8220;ready-to-build&#8221; solar project and is expected to begin construction by mid-2024 with the expected date of commissioning by early 2026.
&#8220;The development of these projects highlights the importance of public and private collaboration in order to guarantee the required investments to foster the energy transition. Q-Impact and Qualitas Energy have been working in these projects since 2019, developing them with the utmost respect for social and environmental factors. The scale of these projects will kickstart a real energy transition in Menorca, significantly limiting the current emissions and pollution of the Mahon thermal plant&#8221; said Pablo Valencia, Managing Partner, Q-Impact.
The annual production is expected to be about 20% of the annual electricity demand of the island of Menorca. The PV projects with 60 MW installed capacity when completed are likely to be the largest solar project in the Balearic Islands.
Mirova was advised by Astris as a financial adviser; CMS-ASL and Linklaters LLP as legal advisors; Vector Renewables and Everoze as technical advisors; and WTW as Insurance adviser. Qualitas Energy was supported by PwC as a financial adviser; Gomez-Acebo &amp; Pombo as legal adviser; g-advisory as technical advisor.
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, <a href="https://cms.mercomindia.com/vesper-energy-sells-solar-and-storage-project-in-california/" target="_blank" rel="noopener">announced</a> the sale of the Deer Creek Renewable Energy project, a solar and storage project located in Tulare County, California. The project was sold to a Fortune 500 energy company. The project consists of a generating capacity of up to 50 MW of solar and 50 MW of energy storage capacity.

Mirova Acquires Solar and Energy Storage Project Portfolio in Spain

Spanish EV Charging company <a href="https://www.zunder.com/en/" target="_blank" rel="noopener">Zunder</a> raised €100 million (~$97 million) from sustainable investment manager Mirova. With new funds, the company will speed up the rollout of ultra-fast EV charging stations in Southern Europe.
Zunder is a Spanish EV charging operator that was founded in 2017. The company is supported by White Summit Capital (WSC), a Swiss-based investor and asset management, and operates over 150 charging stations, with plans to expand to over 4,000 charging stations by 2025.
“The decarbonization of mobility and transportation is critical to the net zero pathway, and it is therefore core to our investment strategy. Having been involved in the EV charging infrastructure space since 2019, we value Zunder’s positioning, premium quality service, and ambition to become a leading fast-charging network operator across Southern Europe,” Witold Marais, Investment Director at Mirova.
With this equity investment made through its Mirova Energy Transition 5 fund, Mirova secures a minority interest in the company, while WSC and Co-Investors remain as majority shareholders.
The electric mobility market is rapidly developing throughout Europe. Sales jumped 238% during the first three quarters of 2022 compared to year-end 2021 figures. Spain has a target to reach over 5 million EVs by 2030, up from about 300,000 currently. And the need for robust fast-charging public infrastructure is high, given that over 70% of Spanish households do not have access to private off-street parking.
According to Mercom’s 1H and Q2 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency, VC funding in Smart Grid companies in 1H 2022 was 58% higher with $731 million compared to the $463 million raised in 1H 2021. EV charging provider, Loop Global recently <a href="https://cms.mercomindia.com/ev-charging-provider-loop-global-raises-series-a-funding/" target="_blank" rel="noopener">announced</a> the completion of a $40 million Series A-1 funding round led by Fifth Wall Climate and Agility Ventures. Loop Global also raised an additional $20 million from Keystone National Group, bringing the total to $60 million.

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