Mufin Inexperienced Finance targets ₹500 crore in photo voltaic financing by 2026, ETCFO
New Delhi: Mufin Inexperienced Finance has introduced plans to finance ₹500 crore value of photo voltaic tasks by 2026, as a part of its strategic entry into the photo voltaic financing sector. The corporate not too long ago accomplished its first photo voltaic financing transaction, value ₹3.25 crore, enabling the set up of a rooftop photo voltaic unit at a producing facility in Baroda, Gujarat, for a $3 billion firm.
The transfer marks Mufin Inexperienced Finance’s diversification from electrical automobile (EV) financing to renewable vitality. The corporate goals to assist 2 lakh photo voltaic installations over the subsequent two years, contributing to India’s renewable vitality targets.
The financing options supplied by the corporate embrace loans starting from ₹1 lakh to ₹10 crore, masking the complete value of photo voltaic techniques, reminiscent of panels, inverters, batteries, and set up. With no collateral necessities, mortgage approvals are accomplished in underneath 10 minutes, with disbursals inside 24 to 48 hours. This system is designed to cater to each residential and industrial photo voltaic tasks.
Kapil Garg, Managing Director and CEO of Mufin Inexperienced Finance, mentioned, “This initiative is targeted on increasing photo voltaic financing choices, together with provide chain financing, working capital for installers, and lease financing for end-users. It simplifies financing processes by assessing belongings, stakeholders, and money flows to make photo voltaic vitality accessible throughout the nation.”
The Baroda mission is a part of a broader pipeline of photo voltaic installations deliberate in Jaipur, Nagpur, and different areas. The corporate can also be addressing challenges within the photo voltaic vitality sector, reminiscent of excessive upfront prices, by means of fast-track financing choices.
Mufin Inexperienced Finance, established in 2016, has up to now facilitated EV deployments value ₹6,000 crore throughout two, three, and four-wheeler segments, with operations in 16 states. The corporate not too long ago raised ₹140 crore by means of a Sequence B fairness spherical and ₹530 crore in debt financing within the final fiscal 12 months. Moreover, it secured $5 million in debt funding from BlueOrchard.
