GreenCell Mobility Secures ₹3 Billion for Electric Bus Fleet in Uttar Pradesh

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					</table><p>Electric mobility company <a href="https://greencellmobility.com/" target="_blank" rel="noopener">GreenCell Mobility</a> has secured ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation (<a href="https://www.smbcgroup.com/" target="_blank" rel="noopener">SMBC</a>) to deploy a fleet of 350 electric buses across eight cities in the state of Uttar Pradesh.</p>
<p>The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed. It is also SMBC&#8217;s inaugural foray into financing e-mobility initiatives in the Asia-Pacific region.</p>
<p>The loan from SMBC will facilitate the procurement, operation, and maintenance of GreenCell&#8217;s 9-meter pure electric air-conditioned buses over a 10-year concession period with the Uttar Pradesh government. The fleet comes under the government’s Faster Adoption and Manufacturing of (Hybrid &amp;) Electric Vehicles (FAME II) program.</p>
<p>The project guarantees a fixed per-kilometer fee, mitigating traffic risk and ensuring a consistent revenue stream like an annuity, the company said. It estimates the e-bus fleet will reduce CO2 emissions by approximately 235,000 tons over the contract&#8217;s lifetime.</p>
<p>&#8220;Our historic partnership with SMBC demonstrates our unwavering commitment to sustainable mass mobility,&#8221; said Devndra Chawla, CEO of GreenCell Mobility. &#8220;This is a significant milestone strengthening our efforts to transform India&#8217;s electric transportation landscape.&#8221;</p>
<p>The company earlier secured ₹1.25 billion (~$14.97 million) in green financing from <a href="https://www.sc.com/" target="_blank" rel="noopener">Standard Chartered</a> for electric bus deployment in Surat.</p>
<p>In 2022, the Asian Development Bank had <a href="https://www.mercomindia.com/greencell-40-million-funding-adb-electric-buses" target="_blank" rel="noopener">inked</a> a $40 million financing package with GreenCell Express to develop 255 battery-powered electric buses. The company at the time had said that the e-buses would serve 5 million people annually and run across 56 intercity routes.</p>
<p>Previously, GreenCell had <a href="https://www.mercomindia.com/greencell-pmi-electro-350-electric-buses" target="_blank" rel="noopener">announced</a> that it was investing ₹4 billion (~$55.09 million) in a consortium run by PMI Electro Mobility Solutions to deploy 350 electric buses across Uttar Pradesh. The investment also covered the acquisition of a 49% stake in the consortium. Lucknow and Kanpur were to get 100 buses each, Varanasi and Prayagraj 50 buses each, and Gorakhpur and Jhansi 25 buses each.</p>



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					</table><p><a href="https://ampenergyindia.com/" target="_blank" rel="noopener">Amp Energy India</a>, an integrated renewable energy power producer, has secured up to $250 million in funding. The financing round was led by the Sumitomo Mitsui Banking Corporation (<a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">SMBC</a>) of Japan, the Intermediate Capital Group (<a href="https://www.icgam.com/" target="_blank" rel="noopener">ICG</a>), and the Asian Infrastructure Investment Bank (<a href="https://www.aiib.org/en/index.html" target="_blank" rel="noopener">AIIB</a>).</p>
<p>The funding secured by Amp Energy India will enable the company to expand its operations further, accelerate its growth strategy, and leverage the increasing demand for renewable energy solutions across India.</p>
<p>A subsidiary of <a href="https://www.amp.energy/" target="_blank" rel="noopener">Amp Energy</a>, a Toronto-based renewable energy assets owner, and developer, Amp Energy India operates with a comprehensive renewables portfolio of over 2.7 GW across 17 states in India.</p>
<p>The company provides renewable energy transition solutions to a wide range of sectors, including pharmaceuticals, automobiles, cement, steel, heavy engineering, infrastructure, FMCG, educational institutions, IT &amp; Datacenters, utilities, and government bodies.</p>
<p>Pinaki Bhattacharyya, the Founder, MD, and CEO of Amp Energy India, expressed gratitude to the supportive shareholders, government, customers, suppliers, lenders, and intermediaries, stating, &#8220;With this round, we are on our way to becoming the leading energy transition platform in the country. I welcome the three new marquee investors who have reposed their faith in us to participate in the unstoppable energy transition journey in India.&#8221;</p>
<p>SMBC, a Japanese multinational banking and financial services institution, recognized the resilience and growth demonstrated by Amp Energy India, even during the pandemic period.</p>
<p>Rohit Nanda, Head of Equity Group – Infrastructure team, Asia at SMBC, expressed excitement about contributing to Amp India&#8217;s success through this follow-on investment and supporting their innovative work in the renewable energy sector.</p>
<p>AIIB, a multilateral development finance institution, has chosen Amp Energy India as its first direct equity investment into a renewable independent power producer.</p>
<p>Rajat Misra, Director General of the Infrastructure Investment Department at AIIB, expressed excitement about partnering with Amp Energy India, highlighting the company&#8217;s diversified portfolio and the potential to contribute to India&#8217;s developmental needs in achieving a net-zero carbon future.</p>
<p>Recently, Amp Energy India <a href="https://www.mercomindia.com/amp-india-cesc-wind-solar-hybrid-tender" target="_blank" rel="noopener">won</a> the Kolkata-based power utility company CESC’s auction to develop 150 MW of the interstate transmission system (ISTS)-connected wind-solar hybrid projects.</p>
<p>The company <a href="https://www.mercomindia.com/amp-energy-renew-hero-2-gw-hybrid-tender" target="_blank" rel="noopener">recently</a> won the Solar Energy Corporation of India’s auction to develop 100 MW of the 1,200 MW of ISTS-connected wind-solar hybrid power projects (Tranche-VI) with energy storage and assured peak power supply across India. Amp Energy India had quoted the lowest tariff of all other winners at ₹4.64 (~$0.05)/ kWh.</p>


Amp Energy India Secures $250 Million Funding to Expand Renewables Portfolio

<p><a href="https://www.recindia.nic.in/" target="_blank" rel="noopener">REC Limited</a>, a public infrastructure finance company in India’s power sector, has raised a $75 million five-year secured overnight financing rate (SOFR) linked syndicated term loan. Sumitomo Mitsui Banking Corporation (<a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">SMBC</a>), Singapore Branch, is appointed as the sole mandated lead arranger and bookrunner.</p>
<p>According to REC, this is the first SOFR linked term loan for any non-banking financial company (NBFC) in India. It also maintains that the interest rate swap referencing it entered into is the first such deal by any corporate in India.</p>
<p>Along with the loan, REC has also entered into an interest rate swap referencing SOFR to hedge the interest rate risk on this facility. The proceeds from this facility will be utilized to fund infrastructure power sector projects as permitted under the ECB guidelines of the Reserve Bank of India.</p>
<p><strong> </strong>&#8220;With the imminent cessation of LIBOR and following the notification from the Reserve Bank of India on a roadmap for LIBOR Transition, we are delighted to raise this SOFR linked Term Loan Facility, which is also the first one by any NBFC in India. The experience gained from the process will enable REC in USD LIBOR transition to SOFR for our existing term loans in a better manner,&#8221; said Sanjay Malhotra, Chairman and Managing Director, REC.</p>
<p>REC Limited is a NBFC focusing on power sector financing and development across India. It provides financial assistance to state electricity boards, state governments, central and state power utilities, independent power producers, rural electric cooperatives, and private sector utilities.</p>
<p>Last year, the company <a href="https://mercomindia.com/rec-ltd-to-increase-borrowing/" target="_blank" rel="noopener">received</a> the approval to raise its overall borrowing limit to ₹4.5 trillion (~$60 billion). The foreign currency borrowing allowed is equivalent to $12 billion (~₹884 billion).</p>
<p>&#8220;We are pleased to partner with REC for our first SOFR linked ECB facility in India and for providing the solutions for interest rate risk management. As a leading player in the syndicated loans and ECB market, SMBC is committed to working with Indian PSUs and corporates using the new interest rate benchmarks,&#8221; said Rajeev Kannan, Managing Executive Officer and Deputy Head, SMBC Asia Pacific Division.</p>
<p>REC recently <a href="https://mercomindia.com/rec-raise-billion-through-bonds-debentures/" target="_blank" rel="noopener">sought</a> shareholders&#8217; approval to raise ₹850 billion (~$11.63 billion) through the private placement of bonds or debentures. The company plans to raise funds in one or more tranches within a year from the date of passing the resolution.</p>
<p>In February 2021, REC<strong> </strong><a href="https://mercomindia.com/daily-news-wrap-up-rec/" target="_blank" rel="noopener">raised</a> $500 million through a bond issue under its $7 billion Global Medium Term Notes program. The notes are expected to bear interest at the rate of 2.25% per annum and mature on September 1, 2026. The proceeds from the sale of notes will be used for lending to the power sector in line with the external commercial borrowing regulations and directions of the Reserve Bank of India.</p>


Power Sector Financier REC Limited Secures $75 Million Loan from Sumitomo Mitsui Banking

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