ADB Grants $13 Million To EESL To Promote End-Use Energy Efficiency
EESL will get $13-Million Grant from ADB to support the Demand-side energy-efficiency project. The news came soon after EESL signed an MoU with GAIL for fast-tracking co-generation and tri-generation projects in India
Green Energy Faces a Financing Drought
The Asian Development Bank in its newest agreement will provide $13 Million grant to EESL. India’s Energy Efficiency services limited EESL will use the New $13 Million grant to support the Demand-side energy-efficiency investments in several states of the country.
“The ADB funding is helping EESL finance energy service utilities for installing established energy-efficient technologies such as light-emitting diode (LED) streetlights with municipalities, while exploring newer technologies and their self-sustaining business models. The existing loan aims to achieve energy savings of around 3,800 gigawatt-hours annually,” said ADB Country Director for India Mr. Kenichi Yokoyama, who signed the grant agreement for ADB.
The grant will be provided by the Global environment Facility (GEF) as additional financing to an ongoing ADB-Financed Demand-Side Energy efficiency sector. The project is worth $200Million and finances the installation of energy efficient lights in streets and homes as well as agricultural water pumps.
“The additional financing for the project through GEF grant will be used by EESL for making investments in new and emerging technologies including trigeneration, efficient motors and air-conditioners, smart meters/grids, and associated new business models to expand the use of such innovations, as well as to set up an energy efficiency revolving fund,” said EESL Managing Director Mr. Saurabh Kumar after signing the agreement.
Power Minister Mr. R. K. Singh oversaw the signing of grant agreements between ADB and EESL during the inauguration INSPIRE 2018.
MoU with GAIL
GAIL and EESL have recently entered into a MoU to fast track Co-generation and Tri-generation projects in India. EESL will manage equipment at the customer’s location and GAIL Gas will supply natural gas to the feasible projects. The MoU benefits commercial installations, Commercial/ government buildings, residential complexes, Educational institutions among others. Co-generation project will facilitate substantial financial savings on utility costs, large carbon reduction and increased security of supply, irrespective of the installation’s size with the advantages of combined heat and power technology.
EESL is a government-owned energy services company (ESCO) which facilitates energy efficiency investments, including work designing, implementing, monitoring and investing in energy efficiency projects.
