Convergence Energy Services Limited (CESL), a subsidiary of India’s Energy Efficiency Services Limited, is planning a $10 billion (Rs 80,000 crore) contract to purchase 50,000 electric buses which will support the country’s efforts to decarbonize public transportation and attain net zero emission.

Mahua Acharya, Managing Director of CESL, states that such contracts are starting to resemble infrastructure projects and that local manufacture of e-buses is anticipated to increase in line with demand.

According to Acharya, the country is moving rapidly toward the aim of using electric vehicles. Therefore, obtaining funding continues to be difficult despite the possibility it offers.

Energy Efficiency Services Ltd., a joint venture between four state-run energy corporations, established CESL in 2020 to oversee the leasing operations for solar and electric vehicles. These are the main companies that will have a significant impact on India's objective to reduce its overall estimated carbon emissions by 1 billion tons by 2030 in order to reach net zero emissions by 2070.

In order to assure the adoption of electric vehicles, India - the third-largest emitter in the world - needs to construct charging stations, expand its grid's capabilities, and remodel depots, said Acharya. Additionally, she expressed alarm about the continued battery supply problems.

In five to seven years, India may electrify all two-wheelers now on the road and finish electrifying all public buses, said Acharya. On behalf of five state governments, CESL earlier this year won a deal for 5,450 electric buses.

Acharya stated that CESL is still seeking investors for its distributed solar companies, which are currently being funded internally.

In other news, the Pune-based EKA launched its first 200kW motor electric. The Automotive Research Association of India has certified the E9 electric bus produced by the electric vehicle manufacturer as per the Central Motor Vehicle Rules, the firm claimed.

Source Credit: https://www.business-standard.com/article/companies/govt-has-a-10-bn-plan-to-decarbonise-public-transport-and-curb-emissions-122072001059_1.html