The Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Clean Technology Fund (CTF) signed a $55 million financing package with GreenCell Express to develop 255 electric battery-powered buses for 56 intercity routes.These buses will have cameras, tracking and panic buttons connected to command controls for an immediate response, said Sumit Mittal, COO & Director - Finance, GreenCell Mobility.
“This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives,” he added. Additionally, grants worth $325,000 from the CTF and $5.2 million from Goldman Sach’s and Bloomberg’s Climate Innovation and Development Fund (CIDF) have been received.
The CIDF grant will partially finance the decarbonization of 100 of the 255 e-buses by deploying solar power-plus-battery energy storage systems. Overall, the project will reduce emissions of around 15,000 tonnes a year.
This project has qualified for a 2x gender financing rating, a challenge launched at the G7 summit in 2018 to encourage gender lens investing among development finance institutions.
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