Power Finance Corporation Ltd (PFC), a Maharatna company and the leading NBFC in Indian power sector, has sanctioned a loan of Rs 633 crores to Gensol Engineering Ltd (GEL) for purchase of 5000 passenger Electric Vehicles (EVs) and 1000 cargo EVs. The passenger EVs will be leased to Blusmart Mobility Pvt. Ltd (BMPL) to expand its fleet of ride-hailing cabs. The first tranche of the loan has been disbursed, and the first lot of EV cabs has hit the roads of Delhi.
The 5000 passenger e4Ws (Electric Four-Wheelers) funded by PFC are being deployed in Delhi and would result in emission savings of over 1,00,000 tons of CO2 equivalent. This is equivalent to the amount of CO2 absorbed by over 5 million fully-grown trees in a year. With a vision of accelerating India’s net-zero goal, PFC, apart from funding renewables in a big way, has been exploring opportunities in debt funding of EVs (OEMs and fleet acquisition), Battery OEMs and EV charging infrastructure.
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