India E-Mobility Financing Program

India E-Mobility Financing Program

Transportation is India’s third-highest greenhouse gas (GHG)-emitting sector, contributing about 13 per cent of India’s total CO2 emissions and is forecasted to increase due to the high population growth rate and increasing levels of industrialisation and urbanisation, signifying the need for radical change. In line with India’s climate ambitions, there is significant potential to decarbonise the transport sector through electrification.

This project will provide tailored financing solutions to electric vehicle (EV) owners and operators including in ancillary areas, such as charging infrastructure, that will rapidly bring the long-term cost of EV ownership to a level comparable to conventional vehicles. The project will also mobilise significant amounts of private sector institutional capital to support India’s e-mobility transition. This investment is GCF’s first purely private sector transport programme in the e-mobility sector.

Total project value


Tonnes of emissions avoided




Result areas

Project timeline


13 Sep 2021 - 249 days

Funding proposal received

13 Sep 2021

Cleared by GCF Secretariat

18 Feb 2022

Cleared by iTAP

25 Apr 2022


19 May 2022 - 439 days

Approved by GCF Board

19 May 2022

Legal opinion on AE's Internal Approval

13 Jan 2023

FAA executed

11 Apr 2023

Under implementation

31 Jul 2023 - 263 days so far

FAA effective

31 Jul 2023

Disbursement - USD 50,000,000

06 Oct 2023

To be completed

One region

  • Asia-Pacific

One country

  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing25% disbursed

EquityUSD 200,000,000
Total GCF Financing
USD 200,000,000


Co-FinancingEquityUSD 205,000,000
Co-FinancingLoanUSD 1,092,000,000
Total Co-Financing
USD 1,297,000,000

GCF Contacts

General media inquiries

GCF Communications
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GCF Information Disclosure
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Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Accredited Entity

Macquarie Alternative Assets Management Limited
Ms. Courtney Lollback

Senior Associate
50 Martin Place Sydney NSW 2000 GPO Box 4294 Sydney NSW 1164, Sydney, Australia
Phone +44 2 0303 45843
Ms Laura Bramwell

Associate Director
50 Martin Place Sydney NSW 2000 GPO Box 4294 Sydney NSW 1164, Sydney, Australia
Phone +61282323835
More contacts

National Designated Authority

Ministry of Environment, Forests and Climate Change
Ms. Rajasree Ray Primary
Economic Advisor
Indira Paryavaran Bhavan, Jor Bagh Road, New Delhi-110003, New Delhi, India
Phone 011-2081-9197


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