Power Finance Corporation Ltd sanctions loan of Rs 633 crores for EVs

New Delhi: Power Finance Corporation Ltd (PFC), a Maharatna company and the leading NBFC in the Indian power sector has sanctioned 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. The first tranche of the loan has 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 at a function yesterday. Rajiv Ranjan Jha, Director (Projects), Shri Manoj Sharma, Director (Commercial), Smt. Simmi R. Nakra, CVO and Shri Anmol Singh Jaggi (CEO and co-founder, Blusmart Mobility) and other Senior Officers were present on the occasion.

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 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.”

The 5000 passenger e4Ws (Electric Four-Wheelers) funded by PFC are being deployed in Delhi and would result in emission savings of over 1,00,000 tons of CO2 equivalent. This is equivalent to the amount of CO2 absorbed by over 5 million fully-grown trees in a year. With a vision of accelerating 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.