Power Finance Corporation Ltd (PFC )has sanctioned a loan of Rs 633 crores to Gensol Engineering Ltd 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. The first tranche of the loan has been disbursed and the first lot of EV cabs has hit the roads of Delhi.
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.
The cabs were flagged off on 20th April 2023. Present on the occasion were Shri. Ajay Tewari (Additional Secretary, MoP), Shri. Ravinder Singh Dhillon (CMD, PFC), Shri. Rajiv Ranjan Jha (Director Projects, PFC), Shri. Manoj Sharma (Director Commercial, PFC), Shri. Anmol Singh Jaggi (CEO and co-founder, Blusmart Mobility) and other high ranking officials.
Addressing on the occasion of flagging off the first lot of EVs, Shri Ravinder Singh Dhillon, CMD, PFC said, “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 endeavored 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.”
