GreenCell Mobility inks power-purchase agreement, makes strategic equity investment in renewable power plant in MP – EQ
In Short : GreenCell Mobility has finalized a power-purchase agreement and executed a strategic equity investment in a renewable power plant in Madhya Pradesh. This move underlines the company’s commitment to sustainable practices, securing a clean energy source and contributing to the renewable energy landscape in the region.
In Detail : The company is actively pursuing similar agreements in other states where it operates.
Eversource Capital promoted GreenCell Mobility has revealed a power purchase agreement and executed a strategic equity investment, facilitated by its subsidiary GreenCell Express, in a 1 MW wind solar hybrid captive power plant located in Ratlam, Madhya Pradesh. The plant boasts an annual generation capacity of 4.6 million units.
GreenCell Express operates the “NueGo” brand of inter-city electric buses. The development, the company said, will see its inter-city electric buses in the state powered predominantly by renewable energy, leading to incremental CO2 savings of 38 thousand metric tonnes over the lifetime of the buses.
Devndra Chawla, CEO and MD of GreenCell Mobility, said, “At GreenCell Mobility, we are not just about embracing the future; we are about creating it. This initiative of powering our EVs through renewable energy sources in Madhya Pradesh is more than an innovation; it’s a commitment to our planet and our future generations. We are setting a precedent in the industry, demonstrating that sustainable practises can go hand-in-hand with business growth.”
The company added that, in line with this vision, GreenCell Mobility is actively pursuing similar agreements in other states where it operates. The company’s goal is to transition completely from grid power to renewable energy (RE) sources. Additionally, GreenCell is exploring the deployment of battery energy storage solutions to ensure that its operations are end-to-end green. GreenCell is actively working with both central and state stakeholders to facilitate policy changes to increase adoption of RE power for e-buses, it continued.
