1. Loan Sanctioned for Passenger and Cargo EVs
Power Finance Corporation Ltd (PFC) has approved a loan of ₹633 crores to Gensol Engineering Ltd (GEL) for the 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.
2. Flagging off of EVs
The first tranche of the loan has already been disbursed, and the first lot of EV cabs has hit the roads of Delhi. The cabs were flagged off by Shri Ajay Tewari, Additional Secretary, Ministry of Power, and Shri Ravinder Singh Dhillon, CMD, PFC, in the presence of other senior officers and officials.
3. PFC’s Contribution towards India’s NDC goals
Speaking on the occasion, Shri Ravinder Singh Dhillon, CMD, PFC, stated that e-mobility adoption is increasing at a fast pace in the country, and PFC believes that there is a huge potential in this field. PFC has endeavored to contribute towards India’s Nationally Determined Contributions (NDC) goals through this funding.
4. Emission Savings through EV deployment
The 5000 passenger e4Ws funded by PFC are being deployed in Delhi, and they will lead to a reduction in emissions of over 1,00,000 tons of CO2 equivalent. This is equal to the amount of CO2 absorbed by over 5 million fully-grown trees in a year.
5. PFC’s Contribution to India’s Net-Zero Goal
PFC is exploring opportunities in debt funding of EVs, battery OEMs, and EV charging infrastructure. With a vision of accelerating India’s net-zero goal, PFC has been funding renewables in a significant way, apart from the EV sector.