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NBFC firm Northern Arc on Thursday said it has secured $ 65 million from global development banks for maiden climate fund through its fund management arm, Northern Arc Investments IFSC Trust.
The climate fund gets commitment of $50 million from the United States International Development Finance Corporation (DFC) and $ 15 million from OeEB, the official Development Bank of the Republic of Austria, Northern Arc said in a statement.
Located in Gujarat International Finance Tec-City (GIFT City), the climate fund will extend debt financing to growth-stage companies operating in sectors such as commercial, industrial, and residential solar energy, energy efficiency, green buildings and materials, e-mobility, and sustainable agriculture, it said.
Additionally, it will focus on businesses innovating in the circular economy, water segment and adaptation technologies that seek to reduce environmental impact and promote long-term resilience, it said.
The fund aligns with India's broader climate goals, particularly its push towards renewable energy and sustainable practices, reinforcing Northern Arc's commitment to helping the country meet its emissions reduction targets, it said.
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