GreenCell raises $60+ million financial package to build a further 255 electric buses


By RACE Innovations Pvt Ltd - 11th March 2023

India GreenCell Express Private Ltd (GEPL)1, a subsidiary of GreenCell Mobility Pvt Ltd of Mumbai has received a USD55 million financing package from a consortium of banks (Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Clean Technology Fund (CTF)) to build 255 electric battery-powered buses (e-buses).

In addition, it is to receive grants worth USD325,000 from the Climate Technology Fund (CTF) and USD5.2 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.

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