Mufin Green Finance Raises ₹90cr via NCDs To Expand Solar & Clean-Energy Lending

Mufin Green Finance Ltd has raised ₹90 crore through a private placement of secured, rated and listed non-convertible debentures (NCDs) as the non-bank lender seeks to scale its rooftop and commercial solar financing portfolio alongside other green-lending verticals in India. 

The company said in an exchange filing that it allotted 9,000 NCDs of ₹1,00,000 each on December 4. The debentures carry a coupon of 11.75% payable semi-annually and have a tenure of 4 years, 11 months and 23 days. The instruments will mature on November 26, 2030, with 99.99% of the principal due for redemption in November 2028 and the balance on maturity. The NCDs will be listed on the BSE.

Boost To Rooftop Solar Biz

Mufin said the funds will support lending across rooftop and commercial solar installations, electric mobility and its health-insurance premium financing business. Solar financing is among its fastest-growing segments, particularly in residential and MSME categories where upfront capital remains a key barrier to adoption.

Managing Director of the firm Kapil Garg said the capital raise comes amid rising demand for credit across clean-energy applications. “The infusion enables us to respond to accelerating demand for renewable-energy and clean-mobility financing with greater agility,” he said. He added that the company continues to expand financing for rooftop PV systems, battery-linked projects and EV ecosystems, while also strengthening its mediclaim premium-financing portfolio.

Diversified Portfolio

The company said rooftop solar, EV loans, charging-infrastructure financing and medical-insurance premium credit form a significant part of its disclosed portfolio mix. It added that investor response to the NCD issuance reflects confidence in its risk management and liability strategy.

Mufin Green Finance said the issuance is aligned with its broader funding plan for a diversified green-lending book and meets regulatory requirements for listed NBFCs. The company aims to continue building long-term borrowing channels to support growth in solar and other clean-energy segments.