Mytrah Mobility Electric Vehicle solutions Company bags the largest fund from Green Climate Fund (GCF) of worth $1 billion for electric buses and allied infrastructure in India. GCF Provides $1 billion to Mytrah Mobility for e-buses
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GCF Provides $1 Billion Fund To Mytrah Mobility For e-Buses
Mytrah Mobility company in Gurugram will implement the largest funding programme. This funding aims to finance about 5,000 buses and there will be a reduction of 12 million tonnes of greenhouse gases. This programme will help to reduce the usage of diesel about 1.5 billion liters. The job seekers will have an opportunity to get 20,000 skilled jobs.
Mytrah Mobility e-Buses- Opportunity To Bid For 200 e-Buses
In the development stage, the e-bus market is also expanding speedily in the cities based on per Kilometer model. New Delhi to announce the 1,000 e buses in this month. There is also an opportunity for the bidders as Delhi Metro Rail Corporation (DMRC) invited the bids for 200 e-buses.
Ankit Singhvi, co-founder, and chief executive at Mytrah said, “In India, we are looking for a full solution when it comes to e-buses. So, it is either the full life-cycle cost or a per-meter cost of the vehicle that is taken into account.”
GCF Provides Low Cost, Long-Term Finance For About 10-15 years
GCF provides low cost and long-term finance for about 10-15 years. This program will be profitable for the operators and original equipment manufacturers (OEMs), looking for the investment in e-buses in India.
“This is very timely for India, as the government has set ambitious targets on EV adoption. With the market decisively shifted to a solution model, optimal financing solutions for e-buses are required for them to compete with diesel and CNG buses. We look forward to taking on board public and private operators, aggregators, OEMs and charging infrastructure firms to make EVs viable,” said Singhvi.
The Company Bagged GCF Funding Through Three-Stage Bidding Process
The company bagged the GCF funding through a three-stage bidding process. Mytrah will be availing the funding through the Small Industries Development Bank of India, the accredited agency from India. “Most people who run such buses are small and medium enterprises. Buses usually get a five-year loan, which works out costly for the electric ones. Through subordinate lending facility like this, the longer tenor loan is possible,” he said.
Mytrah To Finance 1,200 Buses First Year And 1,500 Next Year
Compared to CNG and diesel buses, the operating cost is less for e-buses. The capital cost, however, is higher. At present, it is estimated there are about 80,000 e-buses in India. Mytrah plans to finance 1,200 buses in the first year, followed by 1,500 the next year and then the rest. “This is a big piece, especially in this environment when banks are not willing to lend. This (the financing) will be a catalyst,” said Singhvi.
GCF Will Give Loan According To The Users Needs
GCF will give loan for 15 years and can customize based on the users needs as interest rates are less for commercial vehicles when compared to the home vehicles.
Singhvi says his company is the first to introduce e-buses in India and had deployed 25 e-buses at Manali in 2016. It is also the first pioneered to private e-buses contract at Delhi airport.
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