Electric commercial vehicles manufacturer, PMI Electro Mobility, on Saturday, said it has signed an agreement with public-sector enterprise, REC Limited, to provide finance for its commercial EVs.

PMI Electro Mobility MD Satish Jain said the signing of the memorandum of understanding (MoU) took place during the "Green Finance" Summit organised by REC on the sidelines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial meeting, which culminated on Saturday.

Also read: REC inks MoU with Avaada Group; to invest ₹20,000 crore over five years

As a part of the MoU, PMI will have the ability to avail ₹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, presented 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.

Jain said that the MoU marks a milestone for PMI Electro Mobility, reaffirming its commitment to sustainability and pioneering electric mobility solutions in India.

Also read: ReNew inks MoUs worth ₹64,000 crore with PFC, REC

The MOU signing between PMI Electro Mobility and REC is a testament to solidifying their shared vision of fostering sustainable energy solutions and promoting green mobility in India, he added.

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.

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