01 October 2024
Vivriti Capital Limited (VCL), a non-banking finance company (NBFC), has secured a $25 million senior secured debt facility from the Asian Development Bank (ADB) to support its climate finance initiatives. The 4-year tenor loan, a first for an NBFC, will be utilized to expand its green finance portfolio. The company has stated that the funds will be directed towards renewable energy projects and the electric vehicle (EV) ecosystem, with at least 30% allocated to EV infrastructure and on-lending for EV purchases.
With India aiming to reduce carbon emissions by one billion tons by 2030 and achieve net zero by 2070, support from the Asian Development Bank will enable Vivriti Capital to contribute to this national objective. Parth Sanghani, Chief Treasury Officer of Vivriti Capital, emphasized that by directing these funds into strategic loans for electric vehicles and renewable energy projects, they aim to catalyze sustainable economic growth, creating a multiplier effect.
Furthermore, ADB Director General for Private Sector Operations Suzanne Gaboury highlighted that climate bonds can fill the significant market gap for climate finance in India while supporting the development of the capital market.
Vivriti Capital Limited (VCL), a non-banking finance company (NBFC), has secured a $25 million senior secured debt facility from the Asian Development Bank (ADB) to support its climate finance initiatives. The 4-year tenor loan, a first for an NBFC, will be utilized to expand its green finance portfolio. The company has stated that the funds will be directed towards renewable energy projects and the electric vehicle (EV) ecosystem, with at least 30% allocated to EV infrastructure and on-lending for EV purchases.
With India aiming to reduce carbon emissions by one billion tons by 2030 and achieve net zero by 2070, support from the Asian Development Bank will enable Vivriti Capital to contribute to this national objective. Parth Sanghani, Chief Treasury Officer of Vivriti Capital, emphasized that by directing these funds into strategic loans for electric vehicles and renewable energy projects, they aim to catalyze sustainable economic growth, creating a multiplier effect.
Furthermore, ADB Director General for Private Sector Operations Suzanne Gaboury highlighted that climate bonds can fill the significant market gap for climate finance in India while supporting the development of the capital market.
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