Vivriti Capital has raised $25 million from the Asian Development Bank, through a senior secured debt facility with a tenor of four years.
The funds raised will be used for its sustainable finance project – Vivriti Capital Climate Finance Project and 30 per cent of the funds will be allocated to financing the EV ecosystem, including charging stations and battery swapping infrastructure, and on-lending to retail borrowers for the purchase of new EVs, the company said in a statement.
This is the first climate bond issued by the NBFC and is part of its efforts to grow its green portfolio.
The transaction played a crucial role in supporting business segments vital to India’s decarbonisation goals, and also aimed to offer loans to enterprises led or owned by women, the company said.
The proceeds from the debt facility will be used to support enterprise and retail borrowers across renewable energy segments, including solar and wind energy generation, the electric vehicle (EV) ecosystem, and waste management.