IREDA sanctions loan for 3,000 EVs to BluSmart

Indian Renewable Energy Development Agency Ltd. (IREDA)  today sanctioned a loan of Rs. 267.67 crores to BluSmart Mobility for the purchase of 3,000 all-electric cars.

BluSmart Mobility will use the fresh capital to purchase 3,000 all-electric cars, leading to an expansion of its EV fleet. From the sanctioned loan of Rs. 267.67 crores, the first tranche of Rs. 35.70 has been disbursed by IREDA to the company, an official statement mentioned.

Pradip Kumar Das, CMD, IREDA said, " IREDA is looking forward to financing more EV projects to speed-up the progress of moving transportation to clean sources in the country. This is part of the company's endeavour to help reduce emissions in the National Capital Region."

IREDA in the past few years has sanctioned loans to projects in Renewable Energy & Energy Efficiency sector aggregating to Rs. 1,20,522 crores (approx.), disbursed Rs. 77,946 crores (approx.) and supported more than 19,453 MW of RE capacity in the country till March 31st, 2022, the company claimed.

BluSmart is currently working for India's path to zero-emission mobility, improve the quality of lives of the driver-partners and continue to provide reliable ride-hailing service to customers, a joint statement read.

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