Manufacturer of electric commercial vehicles PMI Electro Mobility announced that it has reached a financing deal with public-sector company REC Limited. The memorandum of understanding (MoU) was signed during the "Green Finance" Summit, which was put on by REC Limited (formerly Rural Electrification Corporation) in conjunction with the Clean Energy Ministerial and Energy Transition Working Group Ministerial meeting, which culminated, according to PMI Electro Mobility MD Satish Jain.

 

In accordance with the terms of the MoU, PMI would be able to obtain debt financing from REC in the amount of Rs 480 crore to meet its finance needs.

 

The "Green Finance" Summit, organized by REC Limited in conjunction with the Indian government's G20 Presidency, provided an exceptional forum for business executives, decision-makers, and stakeholders to work together and create lasting alliances that advance the country's transition to clean energy and environmentally friendly transportation.

 

As per Jain, the MoU is a significant achievement for PMI Electro transportation, reiterating its dedication to sustainability and setting the standard for electric transportation solutions in India. According to him, the MOU signing between PMI Electro Mobility and REC Limited is evidence of the two companies' shared vision to develop sustainable energy options and advance green mobility in India.

 

Over the following five years, up to March 2028, REC Limited, a major leader in the financing of renewable energy, battery energy storage systems, and electric vehicle projects, will provide critical financial support to PMI Electro Mobility and its associated businesses.