Power Finance Corporation (PFC), a Maharatna company and NBFC in the Indian power sector has sanctioned a loan of Rs 633 crore to Gensol Engineering, for the purchase of 5000 passenger Electric Vehicles (EVs) and 1000 cargo EVs.

The passenger EVs will be leased to Blusmart Mobility (BMPL) to expand its fleet of ride-hailing cabs.

The 5000 e4Ws funded by PFC would result in emission savings of over 1,00,000 tons of CO 2equivalent. This is equivalent to the amount of CO2 absorbed by over 5 million fully-grown trees in a year, the press release noted. 

Addressing the occasion of flagging off the first lot of EVs on 20 April, Ravinder Singh Dhillon, CMD, PFC said that through this funding, the company endeavoured to contribute towards the country’s Nationally Determined Contributions (NDC) goals, and it would go a long way in transitioning towards a sustainable mode of transport.