Consideration of funding proposals – Addendum III Funding proposal package for FP186

The India E-Mobility Financing Program, submitted by Macquarie Alternative Assets Management Limited (MAAML), proposes a financing platform to decarbonize India's road transport sector. Requesting USD 200 million in equity from the Green Climate Fund (GCF) as first-loss capital, the program aims to mobilize a total of USD 2.1 billion, including USD 205 million from commercial investors and approximately USD 1.1 billion from debt markets. The platform will provide innovative financial solutions, such as operating and finance leases, targeting e-buses, shared four-wheeler fleets, and charging infrastructure to reduce high upfront costs and residual value risks. The program targets a lifetime reduction of 9.5 MtCO2e and the deployment of 115,000 new EVs and 10,500 charging stations. It includes comprehensive environmental, social, and gender action plans to ensure inclusive growth and safety in the transport sector.

• The program requests USD 200 million in equity from the GCF to serve as 'first loss' capital, which is intended to de-risk the investment for commercial investors.
• The total anticipated capital mobilization for the program is up to USD 2.1 billion, comprising GCF funds, USD 205 million from commercial investors, and an estimated USD 1.1 billion from local and international debt markets.
• The program targets a total lifetime reduction of approximately 9.5 million tonnes of carbon dioxide equivalent (MtCO2e).
• The platform's primary focus will be on three key sub-sectors: electric buses, shared four-wheeler (4W) fleets, and electric charging infrastructure.
• The program aims to deploy approximately 115,000 new electric vehicles and 10,500 charging stations over its implementation period.
• A central objective is to introduce 'first of its kind' financing solutions in India, specifically operating and finance leases, to address high upfront costs and residual value risks that currently hinder EV adoption.
• The program identifies significant economic co-benefits, including a potential reduction in oil import requirements, which could save an estimated USD 330 billion between 2017 and 2030.
• The program includes a Gender Action Plan to address safety and employment gaps, targeting a workforce where 25% of staff employed at the Platform are women within five years.
• The program is categorized as Intermediation-2, with sub-projects expected to be maximum Category B based on IFC Performance Standards.
• The program's success is contingent on securing a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).

APA

Green Climate Fund (2022). Consideration of funding proposals – Addendum III Funding proposal package for FP186. https://www.greenclimate.fund/sites/default/files/document/gcf-b32-02-add03_0.pdf

Chicago

Green Climate Fund. Consideration of funding proposals – Addendum III Funding proposal package for FP186. 2022. https://www.greenclimate.fund/sites/default/files/document/gcf-b32-02-add03_0.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Consideration of funding proposals – Addendum III Funding proposal package for FP186 |date=25 April 2022 |url=https://www.greenclimate.fund/sites/default/files/document/gcf-b32-02-add03_0.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefund2022consideration, author = {{Green Climate Fund}}, title = {{Consideration of funding proposals – Addendum III Funding proposal package for FP186}}, institution = {Green Climate Fund}, year = {2022}, month = apr, url = {https://www.greenclimate.fund/sites/default/files/document/gcf-b32-02-add03_0.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }