India, 24th November 2022: 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.
Ecofy’s offerings include loans, leases, insurance, warranties, and buybacks for all green needs. Ecofy is born digital and uses technology to improve every aspect of the customer experience.
Speaking on the launch, Rajashree Nambiar, Co-Founder and CEO of Ecofy, said, “Finance is a critical input that can catalyse the much-needed green transition for a net zero emission future. Ecofy is on a mission to help individuals and small businesses that are making green choices and restoring balance to the planet. Our goal with this NBFC is to provide the products and seamless experience that address customer needs.”
Dhanpal Jhaveri, Vice Chairman, Everstone Group and CEO, Eversource Capital, said, “Ecofy is building a digital first green lending business to address a much-needed financing gap in India’s climate change agenda.Today, green assets and businesses are not only climate positive but are also value accretive. Ecofy will help in accelerating the adoption of green assets and support businesses in their green transition through innovative and accessible financing.”