Greencell receives $55 million financing from leading DFI’S ADB, AIIB
In addition to the sanction, it also received a grant worth $325,000 from the CTF and $5.2 million from Goldman Sach’s and Bloomberg’s the Climate Innovation and Development Fund (CIDF).
Electric bus manufacturer GreenCell Express has recieved a $55 million financing package from Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Clean Technology Fund (CTF) to develop 255 electric battery-powered buses (e-buses).
In addition, it will receive grants worth $325,000 from the Climate Technology Fund (CTF) and $5.2 million from Goldman Sachs and Bloomberg's Climate Innovation and Development Fund (CIDF). This CIDF grant will partially finance the decarbonising of 100 e-buses through use of solar power and battery energy storage systems, the statement read.
Currently, GreenCell implements 1,400 e-bus projects across states of Maharashtra, Gujarat, Uttar Pradesh, New Delhi, Madhya Pradesh, of which over 600 e-buses are operational across 21 cities. Further, it plans to serve 5 million people a year on 56 intercity routes in India and enhance the safety of passengers through improved security features like cameras, tracking and panic buttons connected to command controls for immediate response.
“With GreenCell Express Private Limited (GEPL) offering, we bring to the intercity bus travel segment, electric buses that reinforce safe, seamless travel experience for new age Indian travellers, especially our women," said Sumit Mittal, Chief Operating Officer (COO) & Director- Finance, .
GEPL is a wholly owned subsidiary of GreenCell Mobility Private Limited (GreenCell), a platform company of Green Growth Equity Fund (GGEF). GGEF is an Indian alternative investment fund in India managed by EverSource Capital with a mandate to mobilize institutional capital into green infrastructure in the country.
“Electrifying transportation is a key driver of reducing greenhouse gas emissions in our cities. This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives and Sustainable Development Goals,” said EverSource Capital Managing Director and Chief Executive Officer (CEO) Dhanpal Jhaveri.
Edited by Akanksha Sarma