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GreenCell Mobility receives Rs 3,000 crore in debt funding from REC

The fund will be used to acquire 3,000 e-buses and support energy storage and charging infrastructure

Illustration: Ajay Mohanty

Representative Image (Illustration: Ajay Mohanty)

Nitin Kumar New Delhi

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EverSource Capital promoted GreenCell Mobility, on Monday, said it has signed a Rs 3,000 crore Memorandum of Understanding (MOU) with the public-sector enterprise REC Limited to revolutionize sustainable transportation in India.

“GreenCell Mobility has received unequivocal support from REC, which has agreed to extend crucial financial assistance in the form of debt funding to support the company’s ambitious projects,” GreenCell Mobility said on Monday.

The allocated Rs 3,000 crore will be dedicated to fund the acquisition of 3,000 e-buses and supporting alternative fuel technology buses projects, battery energy storage initiatives, and establishing a robust charging infrastructure network.

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.

“We are extremely delighted to join forces with REC Limited. With REC Limited’s financial backing, our vision of revolutionizing urban mobility, minimizing carbon emissions, and improving the well-being of our communities comes one step closer to reality,” Devndra Chawla, MD and CEO, GreenCell Mobility said.

The MOU will remain effective not only for the ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but also for any future projects undertaken by GreenCell Mobility.

REC Limited, is known for providing financial assistance for new Power Generating Stations based on conventional and renewable energy sources, as well as new technology projects such as Battery Energy Storage Systems, e-Buses including Hydrogen buses, e-Vehicles, Green Hydrogen/Ammonia, Hydrogen Fuel Cells storage, and more.

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First Published: Jul 24 2023 | 10:50 PM IST

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