Macquarie Asset Management has raised $405 million to support Vertelo, a fleet electrification solutions provider in India, marking a significant step toward the company’s target of mobilizing $1.5 billion over the next decade.
The funding includes $205 million from institutional investors and $200 million in concessional capital from the Green Climate Fund (GCF), which serves as the anchor investor. Additional participants include Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical.
“The initiative will provide financing solutions that accelerate India’s development of critical infrastructure and an overall ecosystem in which electric vehicle use grows sustainably,” said Henry Gonzalez, chief investment officer at the Green Climate Fund.
Vertelo, launched by Macquarie Asset Management Green Investment in April 2024, offers leasing and financing for charging infrastructure, energy management, fleet management services, and end-of-life asset management. The platform works with major original equipment manufacturers, including JBM and Tata Motors, to support fleet transitions toward electric vehicles.
According to the company, Vertelo aims to mobilize $1.5 billion over a 10-year period, providing comprehensive financial and operational support to accelerate the adoption of EVs across India.