IREDA sanctions loan to Blusmart for purchase of 3000 EVs

The Indian Renewable Energy Development Agency Limited (IREDA), India’s largest lender in the renewable energy industry, has approved a loan of Rs 2.67 billion to BluSmart Mobility for the purchase of 3,000 all-electric automobiles in the Delhi-NCR region. BluSmart Mobility will use the new funds to purchase 3,000 all-electric vehicles, allowing the company to expand its EV fleet. IREDA has disbursed the first tranche of Rs 357 million from the sanctioned loan of Rs 2.67 billion to the company.

In March 2022, IREDA signed a MoU with the Central Institute of Petrochemicals Engineering & Technology (CIPET) to provide its techno-financial expertise for the solarisation of CIPET campuses. The Indian government aims to get 50 per cent of its energy from renewable sources. This is IREDA’s eighth MoU in the previous 16 months to provide consultancy services. SJVN, NHPC, TANGEDCO, NEEPCO, BVFCL, THDCIL, and GSL have already signed MoUs with IREDA to improve their technological and financial competence for green energy projects.

In October 2021, Tata Motors signed an MoU with BluSmart Mobility for expanding their all-electric fleet multi-fold across Delhi NCR. Tata Motors will supply 3,500 XPRES T EVs as part of the deal. BluSmart Mobility claims to have completed more than 700,000 rides on electric vehicles, spanning over 22 million clean kilometres, thanks to more than 250,000 app downloads.  BluSmart Mobility has completed 1 million+ all-electric trips, covering over 35 million+ clean km with over 350,000+ app downloads across Delhi NCR.

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