Photo Source: Babushahi Bureau
Mufin Green Finance targets Rs 500 crore to fund solar projects by 2026
Disburses Rs 3.25 crore in first solar financing transaction
Babushahi Bureau
New Delhi, December 4, 2024: Mufin Green Finance, a leading climate finance solutions provider, has made its strategic entry into the solar financing sector with the successful closure of its first solar financing transaction, amounting to ₹3.25 crore.
This milestone marks the company's expansion beyond electric vehicle (EV) financing into the solar space.The funding has empowered a key client to install a rooftop solar unit at a manufacturing facility in Baroda, Gujarat, for a major $3 billion company.
As part of its ambitious plan, Mufin Green Finance aims to fund ₹500 crore worth of solar projects and finance 2 lakh solar installations by 2026, contributing significantly to India’s renewable energy targets.
The move into solar financing comes at a time when India’s demand for renewable energy is surging, with Mufin Green Finance stepping in to offer innovative financing solutions that will help accelerate the transition.
The company’s new solar financing solutions come with no collateral requirements, drastically reducing loan approval times to under 10 minutes and ensuring disbursals within 24 to 48 hours.
Loan amounts ranging from ₹1 lakh to ₹10 crore are available, covering the entire cost of solar systems, including panels, inverters, batteries, and installation.
This financing program supports both residential and commercial solar projects, contributing to India’s growing demand for clean, sustainable energy solutions.
Speaking on the expansion, Kapil Garg, MD & CEO, Mufin Green Finance, said, “This transaction marks an important step in expanding solar financing options for stakeholders through solutions like supply chain financing, working capital for installers, and lease financing for end-users. Our focus on assessing assets, stakeholders, and cash flows allows us to streamline the financing process and make solar energy more accessible across India.”
“This project is one of several in our pipeline, with similar initiatives planned in Jaipur, Nagpur, and other locations. As we grow our loan book, Mufin Green Finance aims to fund over ₹500 crore worth of solar projects in the next two years, further contributing to India’s renewable energy targets and supporting the clean energy transition.” he added.
Pratik Mandvia, Solar Business Head at Mufin Green Finance said,“Solar energy is no longer Mufin an alternative; it's becoming a central pillar of India's energy strategy. By entering the solar financing sector, Mufin Green Finance is poised to accelerate this transition, offering capital solutions that not only fund projects but also drive ecosystem-wide collaboration.
Our focus extends beyond individual installations as we aim to address industry-wide challenges such as high upfront costs and cumbersome loan processes.
With fast-track financing options and zero-collateral loans, we are creating a model that empowers stakeholders across residential, commercial, and industrial sectors to adopt solar technology seamlessly. This initiative positions Mufin Green Finance as a catalyst for large-scale adoption of clean energy, contributing significantly to India's renewable energy goals.”
Mufin Green Finance, founded in 2016 by Kapil Garg, has facilitated the deployment of electric vehicles worth ₹6000 crores across two, three, and four-wheelers, with a presence in 16 states across India. Recently, the company raised ₹140 crore (approximately $17 million) in a Series B equity round, alongside ₹530 crore in debt funding last fiscal year.
An additional $5 million in debt financing was secured from BlueOrchard. These funds will drive Mufin’s green energy initiatives, foster innovation, and support sustainable development across its financing portfolio.
With a goal to create a positive environmental, economic, and social impact, the company has grown its AUM to over ₹900 crore and employs a team of more than 540 members.
About Mufin Green Finance
Mufin Green Finance, a subsidiary of Hindon Mercantile Limited, is a pioneer in green financing in India. Established in 2016, the company focuses on financing electric vehicles (EVs), charging infrastructure, and swappable batteries to support sustainable mobility.It is also the first listed pure-play EV financing company in India.
The company’s mission centers on promoting financial inclusion and environmental sustainability, targeting underserved communities to drive economic and social impact.