Accretive Cleantech Finance PvT Ltd (FMO-62642)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.41 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported INR 450.00 MLN
Converted using 2023-09-15 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 4, 2024

Disclosed by Bank Sep 15, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.


Ecofy is a non-banking financial institution set up in India in 2022. It aims to finance the green transition by originating loans to 'green' sectors including Retail EV's, rooftop solar and SME loans for improving energy efficiency. Ecofy is active across India and targeted customers include the retail sector and SME's. Ecofy is promoted by Eversource Capital, a climate impact investor & partner of FMO.


Ecofy's objective is to increase the adoption of environmentally friendly products at the retail level by improving access to finance for purchase of such products. The capital infused by FMO is expected to catalyze the growth of the company, which relates to increasing the number of loans disbursed, product diversification and advancing its presence across India.


The investment opportunity is in line with FMO's goal for climate action (SDG13) and Ecofy has received a 100 % green label as they will only finance climate positive segments/businesses. Through this vehicle FMO aims to contribute to decarbonizing energy - which is critical in a country like India with a large growing economy. FMO's funding (via MASSIF & Building Prospects) is expected to act as a catalyst to attract both commercial & blended finance in the future.


The project has been categorized as E&S Category C, in accordance with FMO's Sustainability Policy - as Ecofy is mainly a retail and SME financing company. While the direct E&S risks to this type of business largely relate to labor conditions and health and safety, the indirect risks include the E&S impact of underlying SME clients to whom Ecofy lends to. Ecofy has developed ESG policies and exclusion lists in alignment with national and international E&S safeguards to identify, manage and monitor the environmental and social risks and opportunities in their lending operations. Furthermore, Ecofy is in the process of putting in place an Environment & Social Management System (ESMS).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ecofy Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.


"No contacts available at the time of disclosure.”



As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to:


Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at:

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How it works