Mumbai-based GreenCell Mobility, a prominent pan-India shared electric mobility player, has entered into a Memorandum of Understanding (MoU) with REC, a government of India Public-sector enterprise, for a substantial commitment of INR 3,000 crore to promote sustainable transportation in the country.
The INR 3,000 crore MOU, inked with REC, is dedicated to financing over 3,000 electric buses and catalyzing investments in battery storage and charging infrastructure. The agreement was signed during the G20 Energy Transition Working Group, coinciding with India’s G20 Presidency.
REC, in its capacity, will provide this financial assistance in the form of debt funding to support GreenCell Mobility’s ambitious projects.
As part of the agreement, GreenCell Mobility, along with its subsidiaries or ventures engaged in electric mass mobility as a service, will be eligible to avail financial assistance from REC for their relevant activities over the next five years, until March 2028.
Last year in August, GreenCell Mobility launched NueGo, a premium electric inter-city coach services brand, furthering its commitment to eco-friendly transportation solutions.
Recently, REC, in collaboration with Power Finance Corporation Ltd. (PFC), invested INR 64,000 Crore ($7.8 billion) in Renew Power, a leading renewable energy company, to fund its ongoing and future solar and renewable energy projects across India.
GreenCell Mobility is promoted by Eversource Capital, India’s renowned climate impact investor. Eversource Capital is an equal joint venture between Everstone Group, a premier investment manager with assets exceeding US$7 billion, and Lightsource bp, a global leader in developing and managing solar energy projects.
Eversource Capital manages India’s largest climate impact fund, with anchor investments from India’s National Investment & Infrastructure Fund and the UK Government’s Foreign, Commonwealth & Development Office (FCDO). The fund is dedicated to establishing a platform for providing Electric Mobility-as-a-Service (eMaaS), primarily using electric buses, and delivering the core value proposition of affordable, non-polluting, on-demand shared transportation, charging infrastructure, and enabling products for the e-mobility value chain