21 Apr 2023

5000 Passenger EVs To Be Deployed In Delhi, To Result In Saving Of 1 Lakh Tonne Of CO2 equivalent; First Lot Of Cabs Hit Roads Of Delhi

NEW DELHI: Loan has been provided for the purchase of 5000 passenger Electric Vehicles (EVs) and 1000 cargo EVs to be deployed in Delhi. 

Power Finance Corporation Ltd (PFC), a Maharatna company and the leading NBFC (Non-Banking Financial Company) in Indian power sector, has sanctioned a loan of Rs 633 crores to Gensol Engineering Ltd (GEL) for purchase of EVs. 

The passenger EVs will be leased to Blusmart Mobility Pvt. Ltd (BMPL) to expand its fleet of ride-hailing cabs. The first installment 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 Ajay Tewari, Additional Secretary, Ministry of Power and Ravinder Singh Dhillon, CMD, PFC at a function. 

'Huge potential in this field'

Addressing on 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.”

He said 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.

Vision of accelerating India’s net-zero goal 

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

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