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New Delhi. In the largest EV asset financing deal in India, Power Finance Corporation Limited (PFC) on Thursday approved a loan of Rs 633 crore to Gensol Engineering Limited (GEL) for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs. The passenger EVs will be leased to BlueSmart Mobility Pvt Ltd (BMPL) to expand its fleet of ride-hailing cabs. The corporation said in a statement that the first installment of the loan has been disbursed and the first batch of EV cabs have hit the roads of Delhi.
Ravinder Singh Dhillon, Chairman and Managing Director, PFC said – The adoption of e-mobility is going on at a fast pace in the country. Through this funding, PFC endeavors to contribute towards India’s Nationally Determined Contribution (NDC) targets and will go a long way in moving towards a healthy and sustainable mode of transport.
The 5,000 E4WS funded by PFC are expected to result in emissions savings of over 1,00,000 tonnes of CO2 equivalent – equivalent to the amount of CO2 absorbed by over 5 million full-grown trees in a year. BlueSmart has the largest fleet of electric cabs and the largest network of EV fast charging stations in Delhi NCR and Bengaluru.
The company has completed over 5 million all-electric trips covering 185 million kilometers with over 1.7 million app downloads. BlueSmart has raised $75 million (in equity and venture debt) from BP Ventures, Mayfield, Sarvam Partners and 9 unicorn funds, among others.
In addition, it has secured total EV asset financing of $150 million by DFI, including $35 million in funding from IREDA. Anmol Singh Jaggi, CEO & Co-Founder, BlueSmart said – India is poised to play a key role in driving global disruption in the electric mobility sector. We are excited with this funding through PFC which will help us deploy more EVs on the roads of our cities and continue to build on our vision to create a unique customer experience through electric mobility in India.
With this approval, PFC is supporting the government’s vision to reduce dependence on fossil fuels, promote electric mobility in the country and contribute to reducing carbon emissions from the transport sector.(IANS)
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