Mirova announces First Investment in India: $10M to Namdev in favour of clean mobility and energy

• Mirova is providing a senior debt financing of 10 million dollars to Namdev Finvest Private Limited (“Namdev”) through its blended finance debt platform dedicated to energy transition in emerging countries. This marks Mirova's first energy transition financing in India and the first Asian project funded by Mirova’s investment platform dedicated to energy transition in emerging markets.
• Namdev is an Indian non-banking financial company specialising in secured lending to small and medium-sized enterprises, particularly in rural and semi-urban areas. Namdev enables entrepreneurial ventures, especially in the sectors of responsible mobility and energy, benefiting underprivileged individuals.

The 10-million-dollar investment will allow Namdev to strengthen its position, particularly through the expansion of its clean transport and renewable energy vertical, with the aim of supporting the most disadvantaged communities. The resources generated will be exclusively dedicated to financing eligible assets, namely clean transport (electric vehicles and corresponding charging infrastructure) as well as renewable energy (notably solar energy), for which Namdev offers secured loans.

Mirova’s investment team 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.

Funds will be allocated by Namdev in line with the achievement of the Sustainable Development Goals (SDGs¹), particularly SDG 7 regarding affordable and clean energy, as well as SDG 11 concerning sustainable cities and communities, by financing the replacement of polluting technologies and fossil fuels. Furthermore, SDG 8, which relates to decent work and economic growth, will also be promoted. These loans aim to integrate micro, small, and medium enterprises (MSMEs), often distanced from traditional banking practices, into the formal financial sector. Through this approach, Namdev focuses on promoting local employment and aspires to play a transformative role. Lastly, under SDG 5 concerning gender equality, Namdev has established an initiative to promote the economic independence of women. Thus, when a woman is the primary beneficiary of the loan, she receives a 1% reduction on processing fees and the interest rate.

Jitendra Tanwar, Managing Director & CEO Namdev Finvest Pvt Ltd, stated: “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, Mirova division of Natixis Investment Managers Singapore Limited, states: “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[2] 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.”