GreenCell Mobility Gets Rs 3,000 Cr Commitment from Govt’s REC Ltd – EQ Mag
Mumbai-based GreenCell Mobility, a pan-India shared electric mobility player, has signed a Memorandum of Understanding (MoU) with REC, a government of India Public-sector enterprise, for a commitment of Rs 3,000 crore, for sustainable transportation in the country.
The INR 3,000 Cr worth of MOU was signed with REC for financing of over 3,000 electric buses and catalyse investments in battery storage and charging infrastructure at the G20 Energy Transition Working Group, under the backdrop of India’s G20 Presidency.
On the debt funding, the company said, “This significant investment will accelerate our mission towards sustainable and eco-friendly urban transportation in India.”
REC will offer this financial assistance in the form of debt funding to support the company’s projects.
As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail financial assistance from REC for their related activities during the next five years, up to March 2028.
Last year in August, GreenCell launched NueGo, a premium electric inter-city coach services brand.
A couple of days back, REC, along with Power Finance Corporation Ltd. (PFC), infused ₹64000 Crore ($7.8 billion) into Renew Power, a renewable energy company, to fund it’s current and future solar & renewable energy projects in India.
Coming back to GreenCell Mobility, it has been promoted by Eversource Capital, India’s leading climate impact investor. Eversource Capital is an equal joint venture between Everstone Group, one of Asia’s premier investment manager with assets in excess of US$7, and Lightsource bp, a global leader in development and management of solar energy projects.
Eversource manages India’s largest climate impact fund with anchor investments from India’s National Investment & Infrastructure Fund and UK Government’s Foreign, Commonwealth & Development Office (FCDO). The fund is focused on building a platform to provide Electric Mobility-as-a-Service (eMaaS), initially using electric buses and deliver the core value proposition of cheaper non-polluting on demand shared transportation, charging infrastructure and enabling products for e-mobility value chain.
