Indian electric vehicle (EV) ride-hailing and charging infrastructure network BluSmart on Wednesday announced that it has signed a multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company Limited (TPTCL), a subsidiary of Tata Power, to source green power.
In the announcement, the company said that 30 megawatt (MW) capacity will be sourced by TPTCL from Tata Power’s 200 MW Solar power plant in Bikaner, Rajasthan and supplied to BluSmart.
It added that this partnership with TPTCL will allow BluSmart to eliminate Scope 2 emissions from its existing 1.4 million square feet of EV charging infrastructure and future charging hubs.
“With this, BluSmart emerges as the first mobility player in India to transition from zero tailpipe emissions to a zero-emissions company,” the announcement said.
Apart from around 6,000 EVs, BluSmart owns and operates 4,000 EV Chargers across its 35 EV charging superhubs spread across Delhi-NCR and Bangalore. Recently, it crossed $55 million in the annual revenue run-rate and is growing at more than 100 per cent year-on-year.
“We are paving the path to fully decarbonise mobility at scale and are excited to further cement our alliance with Tata Power as we power our EV charging infrastructure with 100% clean electricity,” said Punit Goyal, co-founder at BluSmart.
Adding to this, Tarun Katiyar, chief executive officer (CEO) at TPTCL said, “Our partnership with BluSmart will help them in decarbonising mobility in the country. We are committed to support multiple industries in achieving their renewable energy (RE) Goals.”
Earlier this year, BluSmart announced it has raised $200 million in growth capital (equity and debt) till date. It included investment by Switzerland-based global climate fund responsAbility Investments AG. BluSmart also secured long-term and sustainable EV asset financing of $210 million backed by leading Development Financial Institutions (DFIs).
