State-owned Power Finance Corporation (PFC) has sanctioned a loan of ₹633 crore to Gensol Engineering Ltd for the purchase of 5,000 passenger electric vehicles and 1,000 cargo EVs. A Gensol Engineering Ltd (GEL) statement said PFC has sanctioned a loan of ₹633 crores for the purchase of 5,000 passenger electric vehicles and 1,000 cargo.
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 Delhi roads, it added.
5,000 e4Ws funded by PFC would result in emission savings of over 1,00,000 tonnes of CO2 equivalent. This is equivalent to the amount of CO2 absorbed by over 5 million fully grown trees in a year, the statement noted.
With a vision to meet 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, it added.
The cabs were flagged off on April 20, 2023.
On the occasion of flagging off the first lot of EVs, PFC CMD Ravinder Singh Dhillon said, “Through this funding, the 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”.
Incepted in 2019, BluSmart has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi-NCR and Bengaluru, the statement said.
The company has completed 5 million+ all-electric trips, covering over 185 million+ clean km with over 1.7 million plus app downloads.
“We are excited with this financing through PFC, which will help us deploy more EVs on the streets of our cities,” said Anmol Singh Jaggi, CEO and Co-founder of BluSmart.
