Debt

Debt financing

Greencell receives $55-M financing from leading DFI'S ADB, AIIB

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Electric bus manufacturer GreenCell Express has received a USD 55 million financing package from Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Clean Technology Fund (CTF) to develop 255 electric battery-powered buses (e-buses). In addition, it will receive grants worth USD 325,000 from the Climate Technology Fund (CTF) and USD 5.2 million from Goldman Sachs and Bloomberg's Climate Innovation and Development Fund (CIDF). This CIDF grant will partially finance the decarbonising of 100 e-buses through use of solar power and battery energy storage systems. Currently, GreenCell implements 1,400 e-bus projects across states of Maharashtra, Gujarat, Uttar Pradesh, New Delhi, Madhya Pradesh, of which over 600 e-buses are operational across 21 cities. Further, it plans to serve 5 million people a year on 56 intercity routes in India and enhance the safety of passengers through improved security features like cameras, tracking and panic buttons connected to command controls for immediate response.