BluSmart, a prominent player in India’s electric vehicle (EV) ride-hailing and charging infrastructure network, has taken a significant stride towards sustainability by entering into a multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company Limited (TPTCL), a subsidiary of Tata Power. This groundbreaking agreement aims to source green power and accelerate BluSmart’s transition towards a zero-emission future.
Under the terms of the agreement, TPTCL will procure 30 megawatts (MW) of capacity from Tata Power’s 200 MW Solar power plant in Bikaner, Rajasthan, and supply it to BluSmart. By leveraging this partnership, BluSmart aims to eliminate Scope 2 emissions from its existing 1.4 million square feet of EV charging infrastructure and future charging hubs, positioning itself as the first mobility player in India to make such a transition.
BluSmart’s commitment to sustainability extends beyond this agreement, as the company already owns and operates 4,000 EV chargers across its 35 EV charging superhubs scattered across Delhi-NCR and Bangalore. With a fleet of around 6,000 EVs, BluSmart has been making strides in the EV industry, recently surpassing $55 million in annual revenue run-rate and maintaining a growth rate of over 100% year-on-year.
Punit Goyal, Co-founder at BluSmart, expressed enthusiasm about the partnership, stating, “We are paving the path to fully decarbonize 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.”
Echoing this sentiment, Tarun Katiyar, CEO at TPTCL, emphasized their commitment to supporting multiple industries in achieving their renewable energy (RE) goals, affirming that the partnership with BluSmart would contribute significantly to decarbonizing mobility in the country.
This announcement comes on the heels of BluSmart’s recent achievement of raising $200 million in growth capital, including investments from responsAbility Investments AG, a Switzerland-based global climate fund. Additionally, BluSmart secured long-term and sustainable EV asset financing of $210 million backed by leading Development Financial Institutions (DFIs), solidifying its position as a key player in India’s sustainable mobility landscape.
As BluSmart continues to spearhead initiatives towards a greener future, collaborations like the one with Tata Power underscore the pivotal role of partnerships in driving sustainable transformation in the mobility sector.