{"id":16143,"date":"2024-05-12T16:51:15","date_gmt":"2024-05-12T11:21:15","guid":{"rendered":"https:\/\/timesofpowerandvoice.com\/?p=16143"},"modified":"2024-05-12T16:51:16","modified_gmt":"2024-05-12T11:21:16","slug":"greencell-mobility-secures-inr-3-billion-green-financing-from-sumitomo-mitsui-banking-corporation-for-350-electric-buses-in-uttar-pradesh","status":"publish","type":"post","link":"https:\/\/timesofpowerandvoice.com\/?p=16143","title":{"rendered":"GreenCell Mobility secures INR 3 Billion Green Financing from Sumitomo\u00a0Mitsui\u00a0Banking Corporation for 350 electric buses in Uttar Pradesh"},"content":{"rendered":"\n

Pune (Voice news service):-\u00a0<\/strong>GreenCell Mobility, a pioneer\u00a0in Electric\u00a0Mass Mobility sector, has secured\u00a0Green\u00a0Financing\u00a0from\u00a0leading\u00a0Japanese\u00a0financial\u00a0institution\u00a0Sumitomo\u00a0Mitsui\u00a0Banking Corporation (SMBC) for its transformative Electric Bus project in Uttar Pradesh. This transaction\u00a0not\u00a0only\u00a0marks\u00a0the 1st<\/sup>\u00a0Project Finance\u00a0by\u00a0a\u00a0Japanese\u00a0bank\u00a0in\u00a0the\u00a0Electric\u00a0Mobility domain\u00a0in\u00a0India\u00a0but\u00a0is\u00a0also\u00a0SMBC’s\u00a01st<\/sup>\u00a0Project\u00a0Finance\u00a0transaction\u00a0in E-Mobility\u00a0in\u00a0Asia\u00a0Pacific.<\/p>\n\n\n\n

According to the terms of the agreement, SMBC has extended a long-term Project Finance facility\u00a0to GreenCell\u00a0Mobility for its\u00a0350 Electric Buses project\u00a0in Uttar\u00a0Pradesh. This INR\u00a03.07 billion\u00a0Project\u00a0Finance\u00a0facility\u00a0represents\u00a0a\u00a0pivotal\u00a0step\u00a0in\u00a0both\u00a0low\u00a0carbon\u00a0transportation\u00a0and financial\u00a0innovation\u00a0in\u00a0India.\u00a0The\u00a0project\u00a0is\u00a0expected\u00a0to\u00a0reduce\u00a0approximately\u00a02.35\u00a0lakh\u00a0tonnes\u00a0of gross CO2\u00a0emissions over its contract lifespan, by facilitating the deployment of 9 metres\u00a0fully built pure AC Electric Buses across 8 cities in Uttar Pradesh.<\/p>\n\n\n\n

Devndra Chawla, MD & CEO <\/strong>of GreenCell Mobility, commented, “Our historic partnership with Sumitomo Mitsui Banking Corporation demonstrates GreenCell Mobility\u2019s unwavering dedication towards sustainable mass mobility. The Green Financing is a significant milestone to step up our efforts towards transforming India’s electric transportation landscape. GreenCell Mobility has become the first Indian company to secure Green Financing from global banks Standard Chartered and Sumitomo Mitsui Banking Corporation.”<\/em><\/p>\n\n\n\n

The Project Finance facility will help with the procurement, operation, and maintenance of electric buses under the FAME II Scheme, which is administered by the Uttar Pradesh government’s Directorate of Urban Transport. Operating under a 10-year concession agreement, the project guarantees a fixed per-kilometer fee, mitigating traffic risk and ensuring a consistent revenue stream similar to an annuity.<\/p>\n\n\n\n

Tomofumi Watanabe and Luca Tonello, co-General Managers of Structured Finance Asia Pacific <\/strong>at Sumitomo Mitsui Banking Corporation, stated, “We are proud to facilitate this groundbreaking financing deal with GreenCell Mobility, further reinforcing our commitment to advancing sustainable initiatives in India and the Asia Pacific region. By aligning the transaction with the Green Loan Principles, we are setting new benchmarks for responsible financing and environmental stewardship.”<\/em><\/p>\n\n\n\n

Commenting on the transaction, Mr. Hiroyuki Mesaki<\/strong>, Country Head of SMBC India<\/strong>, stated “We are excited to initiate our journey into India’s e-mobility sector through our collaboration with GreenCell Mobility. This transaction exemplifies our dedication to fostering sustainable practices and underscores our commitment to supporting innovative projects that drive positive environmental impact. By leveraging our financial expertise and global network, we aim to help the transition towards cleaner transportation solutions, paving the way for a more sustainable future”<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pune (Voice news service):-\u00a0GreenCell Mobility, a pioneer\u00a0in Electric\u00a0Mass Mobility sector, has secured\u00a0Green\u00a0Financing\u00a0from\u00a0leading\u00a0Japanese\u00a0financial\u00a0institution\u00a0Sumitomo\u00a0Mitsui\u00a0Banking Corporation (SMBC) for its transformative Electric Bus project in Uttar Pradesh. This transaction\u00a0not\u00a0only\u00a0marks\u00a0the 1st\u00a0Project Finance\u00a0by\u00a0a\u00a0Japanese\u00a0bank\u00a0in\u00a0the\u00a0Electric\u00a0Mobility domain\u00a0in\u00a0India\u00a0but\u00a0is\u00a0also\u00a0SMBC’s\u00a01st\u00a0Project\u00a0Finance\u00a0transaction\u00a0in E-Mobility\u00a0in\u00a0Asia\u00a0Pacific. According to the terms of the agreement, SMBC has extended a long-term Project Finance facility\u00a0to GreenCell\u00a0Mobility for its\u00a0350 Electric Buses project\u00a0in Uttar\u00a0Pradesh. This INR\u00a03.07 billion\u00a0Project\u00a0Finance\u00a0facility\u00a0represents\u00a0a\u00a0pivotal\u00a0step\u00a0in\u00a0both\u00a0low\u00a0carbon\u00a0transportation\u00a0and financial\u00a0innovation\u00a0in\u00a0India.\u00a0The\u00a0project\u00a0is\u00a0expected\u00a0to\u00a0reduce\u00a0approximately\u00a02.35\u00a0lakh\u00a0tonnes\u00a0of […]<\/p>\n","protected":false},"author":1,"featured_media":16144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[],"class_list":["post-16143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/16143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16143"}],"version-history":[{"count":1,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/16143\/revisions"}],"predecessor-version":[{"id":16145,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/16143\/revisions\/16145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/media\/16144"}],"wp:attachment":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}