Electric CV maker PMI Electro Mobility today announced the signing of a Memorandum of Understanding (MoU) with REC (formerly Rural Electrification Corporation), a public-sector enterprise and a pioneer in providing financial assistance for power sector development. The signing ceremony occurred during the 'Green Finance' Summit organised by REC on the sidelines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial, under the backdrop of India's G20 Presidency.
As part of the MoU, PMI can avail of INR 480 crore of financial assistance from REC in the form of debt for funding requirements.
The 'Green Finance' Summit hosted by REC, in conjunction with the Indian Government's G20 Presidency, presents a unique platform for industry leaders, policymakers, and stakeholders to collaborate and forge meaningful partnerships that advance the nation's transition towards clean energy and green mobility.
Satish Jain, Managing Director, PMI Electro Mobility, said, “We are encouraged by this MoU with REC, a driving force in the power sector development. This marks a milestone for PMI Electro Mobility, reaffirming our commitment to sustainability and pioneering electric mobility solutions in India. At PMI, we believe that innovation and coordination are the pillars of progress.”
REC, a key player in financing projects related to renewable energy, battery energy storage systems, and electric vehicles, will extend crucial financial assistance to PMI Electro Mobility and its related ventures over the next five years, up to March 2028.