GreenCell receives $55 million sanction from leading DFI’s ADB, AIIB & grant of $5.2 million from Goldman Sach’s and Bloomberg for E-Buses in India | The Financial Express

GreenCell receives $55 million sanction from leading DFI’s ADB, AIIB & grant of $5.2 million from Goldman Sach’s and Bloomberg for E-Buses in India

Currently, GreenCell is implementing close to 1,400 E-Buses projects across states of Maharashtra, Gujarat, Uttar Pradesh, New Delhi, Madhya Pradesh, etc. of which 600+ E-buses are operational across 21 cities of India.

GreenCell receives $55 million sanction from leading DFI’s ADB, AIIB & grant of $5.2 million from Goldman Sach’s and Bloomberg for E-Buses in India

The Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB)  and Clean Technology Fund (CTF) signed a $55 million financing package with GreenCell Express (GEPL) to develop 255 e-buses.

Additionally, grants worth $325,000 from the CTF and $5.2 million from Goldman Sach’s and Bloomberg’s the Climate Innovation and Development Fund (CIDF). CIDF grant will partially finance the decarbonization of 100 of the 255 e-buses by deploying solar power-plus-battery energy storage systems. Overall, the project will reduce emissions of around 15,000 tons a year.

EverSource Capital Managing Director and CEO Dhanpal Jhaveri said, “Electrifying transportation is a key driver of reducing greenhouse gas emissions in our cities. This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives and Sustainable Development Goals,”

Sumit Mittal, COO & Director- Finance, GreenCell Mobility, said, “This financing package is more than an investment in GreenCell Mobility; it’s an investment in a greener, safer and thus more sustainable future for India. We welcome it as an endorsement of our efforts to become a leading pan-India shared electric mobility player as part of India’s strong push for electrification of transportation. With GreenCell Express (GEPL) offering”

India’s public transport needs are expected to grow rapidly as the country urbanizes. In 2020, road transport accounted for 87 percent of all passenger trips, 18 percent of total energy consumption, and 11.7 percent of greenhouse gas emissions.

Currently, GreenCell is implementing close to 1,400 E-Buses projects across states of Maharashtra, Gujarat, Uttar Pradesh, New Delhi, Madhya Pradesh, etc. of which 600+ E-buses are operational across 21 cities of India.

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First published on: 07-11-2022 at 03:04:10 pm
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