Mirova, through its emerging markets energy transition blended finance debt fund, has made its first investment in India.
The asset manager’s Mirova Gigaton Fund has provided $10m (€9.5m) in financing to Namdev Finvest Private to help the Indian non-bank lender expand its clean transport and renewable energy services.
Mirova Gigaton’s capital will be used specifically for projects like electric vehicles, charging infrastructure and solar energy, which Namdev finances through secured loans.
Jitendra Tanwar, MD and CEO of Namdev Finvest, said: “We deeply value the commitment from Mirova Investments to provide dedicated resources for climate efficient financing. This comes at the right time, as we, at Namdev, are increasing our participation in the climate focused products.”
Priyanka Mehrotra, investment director at Mirova division of Natixis Investment Managers Singapore, said: “We see in Namdev’s model the potential for a significant shift in the paradigm of responsible financing in India.
“Its thematic focus and unique market vision centered on the needs of MSMEs [micro, small and medium-sized enterprises] make it a key player in transforming the energy and mobility complexes that we are delighted to support. This is our first mobility investment, and we are confident in the wealth of opportunities that this territory presents.”
The Mirova Gigaton fund finances energy transition projects in Africa, Latin America, the Middle East, and Asia, primarily in the sectors of clean energy and climate action. It aims to enhance access to reliable energy while providing institutional investors with financial returns and positive social impact.
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