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PMI Electro Mobility Inks Treaty with REC to Boost Green Mobility in India

Through the MoU, PMI will have the ability to avail INR 480 crore of financial support from REC in the form of debt for financing needs.

July 24, 2023. By EI News Network

The MoU inking between PMI Electro Mobility and REC is to strengthen their collaborated vision of boosting sustainable energy solutions and promoting green mobility in India.

PMI Electro Mobility MD Satish Jain stated the inking of the MoU took place during the ‘Green Finance’ Summit held by REC on the sidelines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial meeting.

He added that the MoU signifies a milestone for PMI Electro Mobility, fostering its commitment to sustainability and pioneering electric mobility solutions in India.

Through the MoU, PMI will have the ability to avail INR 480 crore of financial support from REC in the form of debt for financing needs.

The "Green Finance" Summit organised by REC, in concurrence with the Indian Government's G20 Presidency, introduced a distinctive platform for industry leaders, policymakers, and stakeholders to associate and enter into significant partnerships that progress the nation's transition towards clean energy and green mobility.

REC, a major enterprise in financing projects related to renewable energy, battery energy storage systems, and electric vehicles, will extend critical financial support to PMI Electro Mobility and its pertinent ventures over the subsequent five years, till March 2028.
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