Northern Arc secures $65 mn debt commitment from global firms for climate fund

NBFC firm Northern Arc announced on Thursday that it has secured USD 65 million from global development banks for its inaugural climate fund, which is managed by Northern Arc Investments IFSC Trust. The climate fund includes a commitment of USD 50 million from the United States International Development Finance Corporation (DFC) and USD 15 million from OeEB, the official development bank of the Republic of Austria, according to a statement from Northern Arc. 

Located in Gujarat International Finance Tec-City (GIFT City), the climate fund will provide debt financing to growth-stage companies operating in sectors such as commercial, industrial, and residential solar energy, energy efficiency, green buildings and materials, e-mobility, and sustainable agriculture.