BackPFC fuels e-mobility growth with ₹633 cr loan for 6,000 EVs
The passenger EVs are set to be leased to ride-hailing service Blusmart Mobility to bolster its fleet.
PremiumNew Delhi: Power sector non-banking financial company, Power Finance Corporation (PFC), has approved a ₹633 crore loan to Gensol Engineering Ltd for the acquisition of 5,000 passenger electric vehicles and 1,000 cargo EVs.
The passenger EVs are set to be leased to ride-hailing service Blusmart Mobility Pvt. Ltd (BMPL) to bolster its fleet. The loan's first tranche has been disbursed, with the initial batch of EV cabs now navigating Delhi's streets, the Ministry of Power said in a statement.
"E-mobility adoption is progressing rapidly in the country, and we believe there is significant potential in this field," said Ravinder Singh Dhillon, CMD of PFC. "This funding demonstrates PFC's commitment to India's Nationally Determined Contributions (NDC) goals, advancing the transition to healthier and more sustainable transportation."
The 5,000 funded passenger electric four-wheelers will be deployed in Delhi, leading to emission reductions of over 100,000 tons of CO2 equivalent. This is comparable to the amount of CO2 absorbed by more than 5 million mature trees annually.
In pursuit of accelerating India's net-zero goal, PFC has been exploring opportunities in debt funding for EVs, battery OEMs, and EV charging infrastructure, in addition to significantly investing in renewable energy projects.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
