Finnfund, the Finnish development financier, has announced a $12 million senior secured loan facility to Mufin Green Finance Ltd, an Indian non-banking financial company (NBFC) specializing in sustainable, income-generating assets. The funding will support Mufin’s financing of electric mobility, including EVs, charging infrastructure, battery swapping solutions, and solar projects, aiming to drive climate mitigation and financial inclusion across India.
Mufin Green Finance focuses on delivering green finance to underserved customers, including micro, small, and medium-sized enterprises (MSMEs) and first-time borrowers, helping expand access to renewable energy and sustainable mobility solutions. The company also provides loans for mediclaim premiums, improving healthcare affordability and insurance penetration among low-income populations.
Antti Partanen, Investment Manager at Finnfund, said, “We are excited to support Mufin Green Finance’s growth through this loan facility. Their focus on green asset financing, particularly electric mobility and solar projects, enables climate action, broadens financial inclusion, and empowers underserved communities across India.”
He added, “Partnering with a well-managed NBFC like Mufin aligns with Finnfund’s strategy of promoting climate and nature, digitalisation, and decent jobs. Making EVs and solar solutions more accessible not only reduces greenhouse gas emissions and air pollution in congested cities but also strengthens economic inclusion.”
Since its inception, Mufin has financed a growing portfolio of solar projects, enabling households, small businesses, and communities to adopt renewable energy solutions while promoting energy independence. This expansion of green asset financing will accelerate the deployment of electric vehicles and solar projects across India, while deepening access to insurance and other financial services for first-time borrowers.
Kapil Garg, Managing Director, Mufin Green Finance, said, “This funding from Finnfund supports our strategy to scale climate-linked and inclusive financing sustainably. It enables us to expand our electric vehicle and solar lending, while providing vital financial products to underserved segments. This partnership reflects shared values in long-term impact, governance-led growth, and prudent risk management.”
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