Indian Renewable Energy Development Agency Ltd (IREDA), State-controlled renewable energy and energy efficiency lender under the Ministry of New and Renewable Energy, has sanctioned a loan of INR 267.67 crore to integrated EV ride-hailing and charging company BluSmart Mobility for the purchase of 3,000 all-electric cars.
Out of the sanctioned amount, IREDA has already disbursed the first tranche of INR 35.70 crore to BluSmart Mobility to expand its EV fleet.
In January this year, IREDA had launched a scheme to finance new and emerging technologies that promote and increase the usage of renewable energy in the transport sector. Under the scheme, it shall also provide finance for EV fleet owners/operators and charging infrastructure owners—thus financing the entire value chain of green mobility.
The loan to BluSmart marks its first investment in this space.
Pradip Kumar Das, chairman and managing director, IREDA, said, “We at IREDA believe that electric mobility has huge growth potential in India. BluSmart has been providing its services in the national capital region of India, and we support their team behind this good work. This is our first major investment in this space and towards making India a cleaner and greener country.
IREDA is looking forward to financing more EV projects to speed up the progress of moving transportation to clean sources in the country. This is part of the company’s endeavor to help reduce emissions in the National Capital Region.”
Anmol Jaggi, co-founder and CEO, BluSmart Mobility, said, “EV is going to be the new sunrise sector that will help transition India to a cleaner future. We are excited with this fundraise and heartily thank the Government of India for taking sturdy steps in the EV sector and IREDA for putting trust in us.”
Since its inception in 1987, IREDA has financed the largest share of renewable energy projects in India. It has sanctioned loans to projects in the renewable energy and energy efficiency sector aggregating to around INR 1,20,522 crore, disbursed INR 77,946 crore (approx.), and supported more than 19,453 MW of RE capacity in the country till March 31, 2022.
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