Symbiotics Launched a $7M Green Bond With Mufin Green Finance, India
India’s leading Electric Vehicle financing non-bank financial company has recently raised $7 million (INR 581 million) green bond arranged by Symbiotics Investments. Part of the bond was subscribed by the $75 million green basket bond program structured by Symbiotics Investments in partnership with British International Investment "BII", the United Kingdom’s development finance institution and impact investor. The remainder was subscribed by various funds managed or advised by Symbiotics Asset Management. This bond is listed at the Luxembourg Stock Exchange, at the Securities Official List segment, and displayed at the Luxembourg Green Exchange.
With the issuance of this green bond, Mufin Green Finance, "Mufin" plans to strengthen its retail Electric Vehicle "EV" portfolio for two and three-wheeler (mainly electric-rickshaw and electric-three wheeler vehicles) across the country. The company has set a goal to initially connect with 5,000 consumers at first, and then increase its reach to surpass 100,000 by expanding this partnership. Furthermore, through the proceeds of this bond, the company reinforces its climate-focused financing mission as it caters to underserved or low-income segment and create a meaningful social and climate impact.