Macquarie launches $1.5 billion EV financing platform in India
Macquarie, the Australian financial giant, has launched Vertelo, a platform aimed at accelerating the adoption of electric vehicles (EVs) in India. The Indian EV market is currently valued at approximately $2 billion and is projected to more than double in the near future. Vertelo aims to facilitate this growth by promoting a shift from diesel to electric power in heavy transportation.
Vertelo aims to offer comprehensive solutions
Abhishek Poddar, Group Head of India at Macquarie Group, outlined Vertelo's ambitious objectives. He stated that the platform aims to offer comprehensive solutions including financing, leasing, charging infrastructure, energy and battery management, and fleet maintenance services. The platform is divided into two main components: one offering non-credit solutions such as operating leases and services; the other providing credit solutions pending approval from the Reserve Bank of India for a non-banking financial company (NBFC) license.
Vertelo's mission extends beyond promoting EV adoption
Macquarie has committed to invest $1.5 billion over the next decade through Vertelo. The platform's mission extends beyond promoting EV adoption; it also aims to significantly reduce greenhouse gas emissions. Partnerships have been established with industry leaders such as Tata Motors, BEST, JBM Group, and Eka Mobility. The Green Climate Fund has also pledged an anchor investment of up to $200 million in the platform.
Vertelo's first transaction involves 44 electric buses with Chalo Mobility
Vertelo's first transaction involves 44 electric buses with Chalo Mobility, a leading travel aggregator and bus operator in Mumbai. These buses are expected to contribute significantly to the city's decarbonization agenda. Additionally, agreements have been signed with Tata Motors for the acquisition of 2,000 cars over three years and procurement plans for 2,000 buses each from Eka Mobility and JBM Auto. Vertelo plans to dedicate 95% of its $1.5 billion investment toward electrifying commercial vehicle fleets.
