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GreenCell Mobility Secures INR 3 Billion from Sumitomo Mitsui Banking Corporation for Electric Bus Project in Uttar Pradesh

Mumbai, May 7, 2024: In a groundbreaking partnership, GreenCell Mobility, a leader in the electric mass mobility sector, has secured INR 3.07 billion in green financing from Sumitomo Mitsui Banking Corporation (SMBC) for its electric bus initiative in Uttar Pradesh. This transaction is the first project financing by a Japanese bank in India’s electric mobility sector and marks SMBC’s debut in e-mobility financing across the Asia-Pacific region.

The funding will support GreenCell’s 350 Electric Buses project, which aims to deploy 9-meter, fully-built, air-conditioned electric buses across eight cities in Uttar Pradesh. This landmark initiative is projected to cut 235,000 tonnes of gross CO2 emissions over its lifespan, significantly reducing environmental impact while advancing low-carbon transportation and financial innovation.

Devndra Chawla, MD & CEO of GreenCell Mobility, emphasized the significance of the deal: “Our historic partnership with Sumitomo Mitsui Banking Corporation demonstrates our unwavering commitment to sustainable mass mobility. This green financing is a pivotal milestone in reshaping India’s electric transportation landscape.”

The project will operate under the FAME II Scheme administered by the Uttar Pradesh government’s Directorate of Urban Transport. The ten-year concession agreement provides a fixed per-kilometer fee, ensuring consistent revenue like an annuity while mitigating traffic risk.

Tomofumi Watanabe and Luca Tonello, co-General Managers of Structured Finance Asia Pacific at SMBC, expressed their pride in the deal: “By aligning this financing with the Green Loan Principles, we’re reinforcing our commitment to sustainable initiatives in India and setting new standards for responsible financing.”

Hiroyuki Mesaki, SMBC India’s Country Head, echoed this sentiment: “We’re thrilled to begin our journey in India’s e-mobility sector with GreenCell Mobility, exemplifying our dedication to sustainable practices. With our expertise and network, we’re eager to help advance cleaner transportation solutions for a more sustainable future.”

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