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					</table><p>Non-banking financial company <a href="https://www.ecofy.co.in/" target="_blank" rel="noopener">Ecofy</a> has secured an investment of ₹900 million (~$10.83 million) from <a href="https://www.fmo.nl/" target="_blank" rel="noopener">FMO</a>, a Dutch entrepreneurial development bank, to facilitate product diversification and support its expansion across India.</p>
<p>The company provides loans to electric vehicles (EV), rooftop solar projects, and small and medium enterprises providing E2E digital experience.</p>
<p>The investment will be divided into two equal tranches. It comes with a commitment to climate action and is intended to fuel Ecofy’s loan book.</p>
<p>“Securing an investment from FMO marks a pivotal moment for Ecofy, reinforcing our commitment to addressing the climate finance gap for small business owners and individuals. The investment aims to play a critical role in decarbonizing energy, particularly in a rapidly growing economy like India. This collaboration not only strengthens our financial standing but also affirms our vision for a cleaner and more resilient future,” said Rajashree Nambiar, co-founder, managing director, and CEO at Ecofy.</p>
<p>“The collaboration with Ecofy gives us the chance to support improved access to climate-friendly products to individuals and SMEs in India. We are especially enthused by the convergence of impact in terms of financial inclusion and positive environmental impact,” said Cornelias Van Aerssen, Manager at FMO’s private equity department.</p>
<p>Ecofy is promoted by climate impact investor Eversource Capital, which aims to mobilize and deploy capital at scale to combat climate change and accelerate toward net zero goals.</p>
<p>“Ecofy has been set up to build a digital-first last mile climate finance solutions business to support India’s economic growth in a sustainable and inclusive manner,” said Dhanpal Jhaveri, CEO at Eversource.</p>
<p>Last December, the State Bank of India <a href="https://www.mercomindia.com/sbi-165-million-world-bank-fund-rooftop-solar" target="_blank" rel="noopener">signed</a> a $165 million line of credit from the World Bank to finance rooftop solar projects in the residential and institutional sectors.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener">reached</a> a record 1.53 million units in 2023, as opposed to the million units that were sold in 2022, registering a 50% year-over-year increase.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Rooftop Solar and EV Financing Firm Ecofy Secures ₹900 Million


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					</table><p>Denmark-based renewable energy developer <a href="https://orsted.com/" target="_blank" rel="noopener">Ørsted</a> has inked a $625 million deal to buy out <a href="https://www.eversource.com/content/business" target="_blank" rel="noopener">Eversource Energy&#8217;s</a> 50% stake in a federal offshore wind lease area they currently co-own. The deal also covers contracts and partnerships for essential operational assets in the U.S. Northeast.</p>
<p>The deal is expected to close in the third quarter of 2023.</p>
<p>The lease area, ‘Lease 500,’ covers about 187,000 acres of uncontracted seabed and can produce up to 4 GW of power. The deal also includes contracts and leases for key port facilities and other assets in Rhode Island, Connecticut, and New York.</p>
<p>Ørsted will own and operate these assets, as well as the first U.S.-built offshore wind service vessel, built by Edison Chouest in Louisiana and is over halfway done.</p>
<p>The company’s U.S. offshore wind portfolio benefits from Lease 500, which has several advantages over other sites. The site is close to existing Ørsted projects, which reduces construction and operational costs. The site has shallow water depth and high wind speeds, which enhance the performance of the wind turbines. The site is also strategically located about 40 km off Southern New England&#8217;s coast, enabling it to serve four markets– Massachusetts, Rhode Island, Connecticut, and New York.</p>
<p>As part of the agreement with Ørsted, Eversource has reached a tax equity agreement with the company for the South Fork Wind project, which is a key step for the project to start delivering clean energy later this year. Eversource will also support the onshore construction of all three projects in the portfolio, ensuring their long-term success and continuity.</p>
<p>In March, Ørsted <a href="https://www.mercomindia.com/project-finance-brief-leeward-secures-solar-project" target="_blank" rel="noopener">acquired </a>the 160 MW Garrenleen solar project from solar project developer Terra Solar in Ireland<strong>.</strong>  Ørsted already operates 360 MW of onshore wind in Ireland.</p>
<p>Earlier, Ørsted <a href="https://www.mercomindia.com/daily-news-wrap-up-amp-energy-signs-hybrid-project-with-seci" target="_blank" rel="noopener">announced</a> that it would start the construction of its 471 MW Mockingbird Solar Center in Texas. The project will cover an area of 4,900 acres and is expected to generate enough renewable energy to power more than 80,000 homes annually, making it the largest solar project in Ørsted&#8217;s portfolio. The completion of the project is expected in 2024.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Ørsted Buys Eversource Offshore Wind Seabed Share for $625 Million

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