GreenCell Mobility gets Rs 300 crore from SMBC in green financing

Mumbai- Greencell Mobility Private Limited., an e-mobility solution provider, has secured Rs 300 crore in green funding from Sumitomo Mitsui Banking Corporation (SMBC), for its Electric Bus project in Uttar Pradesh.

SMBC's inaugural Project Finance in Electric Mobility in India and Asia Pacific, Funds GreenCell Mobility's 350 Electric Buses project in Uttar Pradesh. Operating under a 10-year concession agreement it assures fixed per-kilometer fees, minimizing traffic risk and ensuring steady revenue. The project aims to slash 2.35 lakh tonnes of CO2 emissions by deploying 9-meter AC Electric Buses across 8 cities in Uttar Pradesh.

Mr. Devndra Chawla, MD and CEO of GreenCell Mobility said, “Our historic partnership with Sumitomo Mitsui Banking Corporation demonstrates GreenCell Mobility’s unwavering dedication towards sustainable mass mobility. GreenCell Mobility has become the first Indian company to secure Green Financing from global banks Standard Chartered and Sumitomo Mitsui Banking Corporation.”

Mr. Tomofumi Watanabe and Mr. Luca Tonello, co-General Managers of Structured Finance Asia Pacific at Sumitomo Mitsui Banking Corporation, said, “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,” he added.

Mr. Hiroyuki Mesaki, Country Head of SMBC India, said, “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.”