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Debt financing

GreenCell raises "green loan" from Stanchart for Rs.125-Cr Surat e-bus project

Business Line  

Electric bus operator GreenCell Mobility has entered into a green project finance loan agreement with Standard Chartered Bank for its INR 125-crore e-mobility project in Surat, Gujarat. The facility will provide finance for the acquisition, operation, and maintenance of 9-metre-long fully-built AC electric buses on a gross cost contract (GCC) basis. The Surat E-Mobility project consists of 150 electric buses and aims to reduce 1 lakh tonne of CO2 emissions over the project's lifetime. Under a 10-year concession deal with the Surat Municipal Corporation, these buses will run with a fixed per-km fee structure. GreenCell Mobility has so far deployed more than 850 e-buses under its contracts in Uttar Pradesh and Gujarat.