FP186
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.
Project timeline
Pipeline
13 Sep 2021 - 249 days
Funding proposal received
13 Sep 2021
Cleared by GCF Secretariat
18 Feb 2022
Cleared by iTAP
25 Apr 2022
Approved
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 - 492 days so far
FAA effective
31 Jul 2023
Disbursement - USD 50,000,000
06 Oct 2023
To be completed
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing25% disbursed
Instrument | Amount |
---|---|
Equity | USD 200,000,000 |
Total GCF Financing |
---|
USD 200,000,000 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Equity | USD 205,000,000 |
Co-Financing | Loan | USD 1,092,000,000 |
Total Co-Financing |
---|
USD 1,297,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
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
Entity
Macquarie Alternative Assets Management Limited
Senior Associate
50 Martin Place Sydney NSW 2000 GPO Box 4294 Sydney NSW 1164, Sydney, Australia
Associate Director
50 Martin Place Sydney NSW 2000 GPO Box 4294 Sydney NSW 1164, Sydney, Australia
More contacts
National Designated Authority
Ministry of Environment, Forests and Climate Change
Economic Advisor
Indira Paryavaran Bhavan, Jor Bagh Road, New Delhi-110003, New Delhi, India
Documents
Title | Type | Date |
---|---|---|
Gender action plan for FP186: India E-Mobility Financing Program | Gender action plan | 01 Jun 2022 |
Gender assessment for FP186: India E-Mobility Financing Program | Gender assessment | 01 Jun 2022 |
India E-Mobility Financing Program | Approved funding proposal | 19 May 2022 |
Environmental and social safeguards (ESS) report for FP186: India E-Mobility Financing Program | Environmental and Social Safeguards report | 25 Apr 2022 |
News + Stories
Newly launched platform to expand electric vehicle use across India
23 Apr 2024 / A new electric vehicle company focused on boosting large-scale use of electric vehicles, across India, launched on 22 April in Mumbai, India, as part of the India E-Mobility Financing Programme, backed by the Green Climate Fund (GCF) in partnership with Macquarie Asset Management.