PFC approves loan for 5,000 passenger EVs and 1,000 cargo EVs

Power Finance Corporation Limited (PFC), a Maharatna company and a leading Non-Banking Financial Company (NBFC) has sanctioned a loan of Rs 6.33 billion to Gensol Engineering Limited. The loan intends to purchase 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs. The passenger EVs will be leased to Blusmart Mobility Private Limited to expand its fleet of ride-hailing cabs.

The first tranche of the loan has been disbursed, and the first lot of EV cabs has hit the roads of Delhi.The 5,000 passenger electric four-wheelers funded by PFC are being deployed in Delhi and would result in emission savings of over 100,000 tons of carbon dioxide equivalent.

Addressing the occasion of flagging off the first lot of EVs Mr Ravinder Singh Dhillon, CMD, PFC said, “E-mobility adoption is going on at a fast pace in the country, and we believe that there is a huge potential in this field. Through this funding, PFC has endeavoured to contribute towards India’s Nationally Determined Contributions (NDC) goals, and this will go a long way for moving towards a healthy and sustainable mode of transport.”

In March 2023, PFC signed a loan agreement worth $20.2 million with Japan Bank for International Corporation (JBIC). The funds raised will be used by PFC to finance its renewable energy portfolio and provide competitive rates. JBIC agreed to finance some of PFC’s clean projects aimed at reducing greenhouse gas emissions while establishing sustainable solutions in environmentally friendly operations.