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Gensol Engineering Ltd (GEL) has been sanctioned a loan worth Rs 633 crore by Power Finance Corporation Ltd (PFC), a Maharatna company for the purchase of 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs, the power ministry informed in a press release on Friday.
PFC is a leading NBFC in the Indian power sector. The purchased passenger EVs will be leased to Blusmart Mobility Pvt. Ltd (BMPL) to expand its fleet of ride-hailing cabs.
The first tranche of the said loan has already been disbursed, and the first lot of EV cabs have hit the Delhi roads.
The Additional Secretary with the Ministry of Power Ajay Tewari along with PFC CMD Ravinder Singh Dhillon flagged the first lot of EV cabs on Thursday.
While addressing the launch, Dhillon expressed great confidence in the potential of electric vehicles and their role in helping India contribute towards Nationally Determined Contributions (NDC) goals.
“E-mobility adoption is going on at a fast pace in the country, and we believe that there is a huge potential in this field. 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” Dhillon said.
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The 5,000 passenger e4Ws (Electric Four-Wheelers) being launched in Delhi are expected to result in emission savings of over 100,000 tons of carbon dioxide (C02).
This emission is equivalent to the amount of CO2 absorbed by over five million fully-grown trees annually.
Apart from funding renewables, PFC is also exploring opportunities in debt funding of EVs (OEMs and fleet acquisition), Battery OEMs and EV charging infrastructure keeping India's net-zero target in mind.
