Singapore office advises Asian Development Bank on US$60.5 million blended investment to develop electric battery-powered buses

Global law firm Norton Rose Fulbright advised Asian Development Bank (ADB) on a US$60.5 million financing package with GreenCell Express Private Limited (GEPL) to develop 255 battery-powered electric buses in India. 100 of the e-buses will also be deploying solar power-plus-battery energy storage systems that will reduce about 6,355 tons of carbon dioxide a year.

The e-buses will have improved security features, such as panic buttons connected to command controls. This enhancement will allow safer transport for women and make travel more inclusive in India.  

The financing package comprises a US$20.5 million loan from ADB’s original capital resources, US$14 million loan from the Clean Technology Fund (CTF), grants worth US$325,000 from the CTF, and US$5.2 million from Goldman Sach’s and Bloomberg’s Climate Innovation and Development Fund (CIDF) and an additional parallel loan of US$20.5 million from Asian Infrastructure Investment Bank (AIIB).

The Norton Rose Fulbright team advising on this transaction is led by banking and finance partner Nick Merritt who was supported by senior associate Aditi Aparajita. 

Nick Merritt commented: “With our market leading ESG | Sustainability practice, this transaction is an excellent example of how we are supporting the energy transition. Working again with ADB who provide real leadership in greening the economy is always a pleasure.”