PFC raises funding by Rs 633 billion to electrify Delhi's cab and cargo services
In order to finance 5,000 electric taxis and 1,000 electric cargo vehicles, the Power Finance Corporation, a sectoral lending organisation under the power ministry, has extended a credit line of Rs. 633 crore. This will spare Delhi from emitting one lakh tonnes of carbon dioxide equivalent, or the amount of CO2 absorbed by more than five million fully-grown trees in a year.
One of the biggest funding plans in the nation is being used for electric transportation assets. Exploring debt financing for electric cars (EVs), battery production, and EV charging infrastructure is part of PFC's goal to support the government's efforts to meet its "net zero" emission goals.
PFC has provided the credit to Gensol Engineering Ltd, which will buy the EVs and lease them to BluSmart Mobility, a startup that offers EV ride-hailing services, to increase its fleet. The first lot of EV taxis were flagged off on Thursday by additional secretary in the power ministry Ajay Tewari. "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," said PFC chairman Ravinder Singh Dhillon, according to a PFC statement.
BluSmart has so far raised $75 million from BP Ventures, Mayfield, Survam Partners, and 9 unicorn fund in the form of stock and venture debt. Additionally, it has obtained $150 million in EV asset financing from DFIs, including $35 million from the government agency.
One of the biggest funding plans in the nation is being used for electric transportation assets. Exploring debt financing for electric cars (EVs), battery production, and EV charging infrastructure is part of PFC's goal to support the government's efforts to meet its "net zero" emission goals.
PFC has provided the credit to Gensol Engineering Ltd, which will buy the EVs and lease them to BluSmart Mobility, a startup that offers EV ride-hailing services, to increase its fleet. The first lot of EV taxis were flagged off on Thursday by additional secretary in the power ministry Ajay Tewari. "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," said PFC chairman Ravinder Singh Dhillon, according to a PFC statement.
BluSmart has so far raised $75 million from BP Ventures, Mayfield, Survam Partners, and 9 unicorn fund in the form of stock and venture debt. Additionally, it has obtained $150 million in EV asset financing from DFIs, including $35 million from the government agency.
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