Electric mobilityEarly stage

India Electric Mobility Financing Project

The Asian Infrastructure Investment Bank approved USD 49 million in July 2025 to finance electric buses in Maharashtra state, including the depots and charging infrastructure that go with them. ADB is named as lead co-financier and IFC as a co-financier.

Maharashtra state, IndiaElectric bus fleet financingNone
Image credit
Anushakti Nagar, Mumbai, Maharashtra. Urban context for the financing programme; no financed vehicle is identified.Location context · Rakesh from Bangalore · CC BY-SA 2.0 · 2006 · Resized; display cropImage source ↗Licence ↗
OperatorConvergence Energy Services Limited
EcosystemElectric bus fleet financing
StandardNone
StatusEarly stage
LocationMaharashtra state, India
Overview

Inside the project

The project finances the procurement, operation and maintenance of electric buses, along with associated infrastructure including charging stations and bus depots in Maharashtra, under a 'Gross Cost Contract' model with concessionaire Convergence Energy Services Limited.

Under the Gross Cost Contract model, the concessionaire is paid for operating the bus fleet, separate from the fares passengers pay.

49M USD
AIIB nonsovereign financing

Objectives

  • Finance procurement, operation and maintenance of electric buses in Maharashtra
  • Develop associated charging infrastructure and bus depots

Approach

  • AIIB nonsovereign financing supports a Gross Cost Contract model, under which the concessionaire is paid for operating the bus fleet rather than for fares collected.

Sources

Inspect 1 source
  1. aiib.org ↗https://www.aiib.org/en/projects/details/2025/approved/india-electric-mobility-financing-project.html

Documented by one public source so far.

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