Mufin Green Finance & IREDA Join Hands To Drive EV Penetration In India

Mufin Green Finance has recently partnered with IREDA to thrive EV Penetration in India. With this partnership, Mufin Green Finance plans to strengthen its retail EV portfolio for 2 & 3-wheeler pan India over a period of time. Considering Mufin Green Finance experience & impact-focused approach to drive social impact by income generation loan for clean & green technology, the company intends to improve the lives of 5000 consumers to start with, and eventually reach more than 1,00,000 consumers by extending this partnership. A major highlight of this initiative is the reduction of borrowing costs for end consumers by 40 per cent, as Erickshaw consumers belong to a weaker society that will further empower the lives of unserved and underserved segments of Indian society.

Delighted with this partnership, Kapil Garg, Founder- Mufin Finance added “We are glad to have built trust in IREDA’s investors and will be deploying debt funds in the right area of retail financing. Despite uncertainties looming in the market, we look forward to seeing a strong track record in disbursing income-generating EV loans worth Rs. 5000 crore in the next five years.”

Indian Renewable Energy Development Agency (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOR EVER”

To promote green environment, Mufin Green Finance has reduced 1.93 million tonne carbon emissions indirectly through its clientele in over five years.

The company intends to expand to all parts of India by December 2023 and also plans to venture into other green financing products, such as solar panel financing, by 2023.