The Asian Development Bank (ADB) signed a $40 million financing package with GreenCell Express Private Limited (GEPL) to develop 255 electric battery-powered buses (e-buses) to serve 5 million people a year on 56 intercity routes in India and enhance the safety of passengers, especially women, through improved security features including panic buttons connected to command controls for immediate response.
The financial package comprises $20.5 million loan (in equivalent Indian rupee) from ADB’s ordinary capital resources, ADB’s administration of a $14 million loan from the Clean Technology Fund (CTF), grants worth $325,000 from the CTF and $5.2 million from Goldman Sach’s and Bloomberg’s the Climate Innovation and Development Fund (CIDF).
ADB also assisted in mobilizing an additional parallel loan of $20.5 million from the Asian Infrastructure Investment Bank.
A defining feature of this project is the CIDF grant which will partially finance the decarbonization of 100 of the 255 e-buses by deploying solar power-plus-battery energy storage systems, resulting in the reduction of about 6,355 tons of carbon dioxide a year. Overall, the project will reduce emissions by 14,780 tons a year.
“Decarbonization of public transport in India is essential for the country to reach its net-zero climate commitments, and it’s important to ensure safety and security of women passengers to make travel more inclusive,” said ADB Private Sector Operations Department Director General Suzanne Gaboury.
“By providing safe transport for women, these intercity buses will enhance their ability to participate in economic and livelihood opportunities,”
“Electrifying transportation is a key driver of reducing greenhouse gas emissions in our cities. This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives and Sustainable Development Goals,” said EverSource Capital
