Power Finance Corp approves Rs 633 cr loan for 5000 passenger 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 by the government-owned power sector NBFC has been disbursed, and the first lot of EV cabs has hit the roads of Delhi.

The cabs were flagged off by Additional Power Secretary Ajay Tewari and PFC CMD Ravinder Singh Dhillon at a function yesterday.

Speaking on the occasion, Ravinder Singh Dhillon 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.