PFC approves EV financing loan worth Rs 633 cr to Gensol Engg Ltd

New Delhi: Power Finance Corporation Ltd (PFC), a Maharatna company and the leading NBFC in Indian power sector, has sanctioned a loan of Rs 633 crores to Gensol Engineering Ltd (GEL) for the purchase of 5,000 passenger Electric Vehicles (EVs) and 1,000 cargo EVs, said the company in a statement. "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," it added.

The statement said, "The cabs were flagged off on April 20 by Ajay Tewari, Additional Secretary, Ministry of Power and Ravinder Singh Dhillon, CMD, PFC, in the presence of Rajiv Ranjan Jha, Director (Projects), Manoj Sharma, Director (Commercial), Simmi R Nakra, CVO and Anmol Singh Jaggi (CEO and co-founder, Blusmart Mobility), and other Senior Officers."

5,000 e4Ws funded by PFC would result in emission savings

"The 5,000 e4Ws funded by PFC 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 five 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," the statement said.

Addressing the occasion of flagging off the first lot of EVs, 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.”

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