Mumbai, May 7 -- GreenCell Mobility, a leading player in the electric mass mobility sector, has announced that it has secured green financing of Rs 3.07 billion from leading Japanese financial institution Sumitomo Mitsui Banking Corporation (SMBC) for its electric bus project in Uttar Pradesh.

This transaction not only marks the first project finance by a Japanese bank in the electric mobility domain in India but is also SMBC's 1st project finance transaction in the e-mobility segment in the Asia Pacific region.

As per the understanding, SMBC has extended a long-term project finance facility to GreenCell Mobility for its 350 electric buses project in Uttar Pradesh. The project is expected to reduce approximately 2.35 lakh tonnes of gros...