PMI Electro Mobility signs pact with REC for Rs 480 cr financial assistance

Electric commercial vehicles manufacturer PMI Electro Mobility on Saturday said it has signed an agreement with public-sector enterprise REC Limited to provide finance for its commercial EVs.

PMI Electro Mobility MD Satish Jain said the signing of the memorandum of understanding (MoU) took place during the "Green Finance" Summit organised by REC Limited (formerly Rural Electrification Corporation) on the sidelines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial meeting, which culminated on Saturday.

As a part of the MoU, PMI will have the ability to avail Rs 480 crore of financial assistance from REC in the form of debt for funding requirements.

The "Green Finance" Summit hosted by REC Limited, in conjunction with the Indian Government's G20 Presidency, presented a unique platform for industry leaders, policymakers and stakeholders to collaborate and forge meaningful partnerships that advance the nation's transition towards clean energy and green mobility.

Jain said that the MoU marks a milestone for PMI Electro Mobility, reaffirming its commitment to sustainability and pioneering electric mobility solutions in India.

The MOU signing between PMI Electro Mobility and REC Limited is a testament to solidifying their shared vision of fostering sustainable energy solutions and promoting green mobility in India, he added.

REC Limited, a key player in financing projects related to renewable energy, battery energy storage systems, and electric vehicles, will extend crucial financial assistance to PMI Electro Mobility and its related ventures over the next five years, up to March 2028.