GreenCell Secures 307 Crores from Sumitomo Mitsui Banking Corporation for UP e-bus project
Highlights:
– GreenCell secures 307 crores from Sumitomo Mitsui Banking Corporation
– The funding will help GreenCell Deploy 350 electric buses across Uttar Pradesh
GreenCell Mobility has successfully secured green financing from Sumitomo Mitsui Banking Corporation (SMBC), a prominent Japanese financial institution, to support its electric bus initiative in Uttar Pradesh.
As per the terms of the agreement, SMBC has provided a long-term project finance facility to GreenCell Mobility for its ambitious project involving the deployment of 350 electric buses across Uttar Pradesh.
Notably, GreenCell Mobility is the first Indian entity to secure Green Financing from global banking giants Standard Chartered and Sumitomo Mitsui Banking Corporation.
GreenCell’s Uttar Pradesh Project
The project, spearheaded by GreenCell Mobility, aims to introduce 9-meter fully built pure AC electric buses across eight key cities in Uttar Pradesh.
The financing facility will play a crucial role in facilitating the procurement, operation, and maintenance of these electric buses under the auspices of the FAME II Scheme, overseen by the Directorate of Urban Transport of the Uttar Pradesh Government.
Over the lifespan of the contract, it is estimated that the project will contribute to a significant reduction of approximately 2.35 lakh tonnes of gross CO2 emissions, aligning with the broader sustainability goals of the region.
Devndra Chawla, the Managing Director and CEO of GreenCell Mobility, emphasized the company’s dedication to sustainable mass mobility with the recent partnership with Sumitomo Mitsui Banking Corporation.
“Our historic partnership with Sumitomo Mitsui Banking Corporation demonstrates GreenCell Mobility’s unwavering dedication towards sustainable mass mobility,” he adds.
Tomofumi Watanabe and Luca Tonello, co-General Managers of Structured Finance Asia Pacific at Sumitomo Mitsui Banking Corporation, expressed pride in facilitating this significant financing deal with GreenCell Mobility.
He also underscored the commitment to advancing sustainability initiatives in India and the Asia Pacific region and highlighted the alignment of the transaction with the Green Loan Principles, setting new standards for responsible financing and environmental stewardship.
In recent months, GreenCell Mobility has emerged as a frontrunner in India’s electric bus segment.
Last month, the company’s electric bus arm, Nuego introduced India’s maiden long-distance inter-city electric bus along the vibrant Chennai-Bengaluru corridor.
