PFC sanctions Rs.633cr for purchase of 6,000 EVs
E-mobility adoption is going on at a fast pace in India, and there is a huge potential in this field, Power Finance Corporation Ltd (PFC) CMD Ravinder Singh Dhillon said on 21 Apr 2023 at the first lot of EVs flagging off.
“Through this funding, PFC has endeavoured to contribute towards India’s Nationally Determined Contributions (NDC) goals, and this will go a long way for moving towards a healthy and sustainable mode of transport.”
PFC, a leading NBFC in Indian power sector, has sanctioned a loan of Rs.633 crores to Gensol Engineering Ltd (GEL) for purchase of 5,000 passenger Electric Vehicles (EVs) and 1,000 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 5,000 passenger e4Ws (Electric Four-Wheelers) funded by PFC are being deployed in Delhi and would result in emission savings of over 100,000 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. fiinews.com
