Indian Renewable Energy Development Agency Limited (IREDA) has sanctioned a loan of up to ₹267.67 crore to Blu-Smart Mobility for part financing the cost of acquisition of 3000 electric cars.

L&L Partners Law Offices advised IREDA.

The transaction team consisted of Girish Rawat (Partner), Sourav Padhi (Senior Associate) and Riya Manuja (Associate).

Advisory team on aspects pertaining to leasing of EV Vehicles - Neha Sinha (Partner) and Radhika Malpani (Associate).

The 3000 all-electric cars will be operated by Blu-Smart Mobility on its ride hailing platform in Delhi- NCR Region.

In January this year, IREDA launched a scheme to finance new and emerging technologies that promote and increase the usage of renewable energy in the transport sector. Under the scheme, it shall also provide finance for EV fleet owners/operators and charging infrastructure owners—thus financing the entire value chain of green mobility.

This transaction is the first under the said scheme and is widely reported as being a marquee deal in India in the EV space.

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