Macquarie Group Drives In USD 1.5 bn EV Fleet Electrification Play The end-to-end solutions platform will have 6,000-7,000 electric buses and 2,000 electric cars on board.
By Entrepreneur Staff •
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Australia's diversified financial group Macquarie Asset Management (MAM) has launched electric vehicle financing and end-to-end solutions platform Vertelo in India and committed to invest USD 1.5 billion over 10 years in the country.
It aims to to accelerate the transition of fleets to EVs and build an ecosystem by offering leasing, financing, charging infrastructure, fleet management services and end of vehicle life management.
Green Climate Fund, the world's largest dedicated climate fund with a portfolio of USD 13.9 billion, has made an anchor investment of USD 200 million into Vertelo. Another USD 200 million will be invested by MAM.
According to the company, the platform will have 6,000-7,000 electric buses and 2,000 electric cars on board. Vertelo has signed a long-term lease agreement with transport technology start-up Chalo Mobility, to supply 44 electric buses.
It has also signed agreements with JBM and EKA Mobility to source up to 2,000 electric buses from each over three to five years. Tata Motors will supply up to 2,000 electric cars over the next three years.
The company aims to set up a non-banking finance company, for which it will apply for a licence with the RBI, senior officials said at a press event on Monday.
Abhishek Poddar, India country head, Macquarie Group, said, "The transition to EVs will bring significant benefits to India, increasing its energy independence and mitigating the impacts of climate change."
Macquarie in December picked up a minority stake in Indian fast-charging infrastructure provider Charge Zone.
