Mufin Green Finance Limited Gets $12 Million Finnfund Loan

Mufin Green Finance Limited has secured a $12 million senior secured loan facility from Finnfund to expand financing for electric mobility, charging infrastructure, battery swapping and solar projects in India. The facility adds long-term debt funding for an NBFC focused on sustainable, income-generating assets and lending to underserved small businesses and individuals.

What has Finnfund committed to Mufin Green Finance?

Finnfund has announced a $12 million senior secured loan facility for Mufin Green Finance Limited, an Indian non-banking financial company engaged in investment and credit services. The stated use of the funding is green finance, with emphasis on electric mobility and solar-related assets.

The facility is structured as senior secured debt, meaning the lender has security over agreed assets or receivables and ranks ahead of subordinated creditors in the repayment structure. The announcement does not disclose the interest rate, maturity, drawdown timetable or specific security package for the Finnfund facility.

Mufin Green Finance provides loans for sustainable and income-generating assets. Its stated customer focus includes small businesses and individuals that may have limited access to conventional credit. The company finances electric vehicles, charging infrastructure, battery-swapping assets and solar projects.

How will the new financing support green lending activities?

The $12 million facility is intended to support Mufin Green Finance's lending across electric mobility and clean-energy segments. Its electric-mobility offerings cover two-wheelers, three-wheelers and four-wheelers, alongside electric charging infrastructure, battery swapping and original equipment manufacturer-related financing.

In solar financing, the company lists asset financing and wider solar ecosystem financing among its products. The solar ecosystem offerings include working-capital finance for solar projects, individual purchase price allocation arrangements, group PPA financing and captive PPA financing.

The financing is relevant because these assets often require upfront capital while their users generate income over time. For vehicle operators, small businesses and project participants, an NBFC loan can spread the acquisition cost over a repayment period. The announcement does not provide expected loan disbursement volumes, customer numbers or a deadline for deploying the Finnfund funding.

What other debt funding has Mufin Green Finance arranged in 2026?

Mufin Green Finance has pursued multiple debt-funding routes during 2026, including rupee-denominated secured non-convertible debentures and foreign-currency bonds under the external commercial borrowing framework. These actions indicate that debt markets are an important source of funding for the company's lending operations.

In July 2026, the company's management committee approved a programme of listed secured NCDs of up to ₹75 crore, including a ₹25 crore greenshoe option, and foreign-currency bonds of up to $6 million under the ECB route. The proposed NCDs carried a 10% annual coupon payable monthly and a 15-month maturity, while the proposed dollar bonds were to have a three-year tenor at six-month CME SOFR plus 450 basis points, with semi-annual interest payments.

The company also disclosed an allotment of ₹100 crore of secured NCDs through private placement. Those debentures carry an 11% annual coupon and mature on September 12, 2027. They are secured by hypothecation of receivables and are to be listed on BSE. The allotment followed board approval in June 2026 for NCD issuance of up to ₹119 crore.

What does the facility mean for Mufin Green Finance and investors?

For Mufin Green Finance, the Finnfund facility provides an additional source of debt capital for lending in its stated green-finance categories. As an NBFC, access to funding affects its capacity to originate loans, while the quality and collection of financed receivables remain central to meeting repayment obligations.

The facility also broadens the company's disclosed funding mix beyond domestic NCDs and planned ECB bonds. However, the available information does not state the amount already drawn, the eventual cost of the Finnfund loan, or its impact on net interest margins, profitability or capital adequacy. These details would be needed to assess the financial effect of the facility.

Mufin Green Finance's shares are listed and trading is active. The company informed BSE that its board meeting on November 5, 2026 would consider unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The trading window was stated to be closed until November 7, 2026 in connection with the results process.

Why is green asset finance important in India's lending market?

Green asset finance links credit availability with the adoption of electric vehicles, charging equipment, batteries and solar installations. These assets can create business activity or reduce energy costs, but their purchase price may be difficult for smaller operators and individuals to pay upfront. Financing structures therefore form part of the operating ecosystem for these sectors.

Mufin Green Finance was incorporated in 2016 as APM Finvest Limited and was previously described as a non-deposit-taking NBFC registered with the Reserve Bank of India. Its current business is focused on investment and credit, with climate-sustainable products forming a stated part of its lending approach.

The new Finnfund loan does not by itself disclose sector-wide lending demand or asset performance. Still, it adds a specifically earmarked pool of senior secured capital for the company's electric-mobility and solar financing activities, alongside its existing domestic and foreign-currency debt initiatives.

Conclusion

Finnfund's $12 million senior secured facility gives Mufin Green Finance an additional debt source for financing electric mobility, charging, battery-swapping and solar assets. The transaction is consistent with the company's stated focus on green, income-generating assets and its use of secured debt instruments to fund lending operations.

Investors will next watch the company's unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, scheduled for board consideration on November 5, 2026. Further disclosures on loan drawdowns, pricing, deployment and receivables performance would provide clearer evidence of the facility's financial effect.