Government-owned Energy Efficiency Services Ltd (EESL) has received USD 434 million funding from multilateral agencies, according to a report by The Economic Times.
The funding will be used by EESL expand its sphere, the company’s Managing Director Saurabh Kumar said. EESL is currently involved in implementation of e-vehicle and LED bulbs projects.
EESL has also partnered with an international body of 183 countries, private firms and institutions called Global Environment Facility (GEF).
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The company is planning to commercialise unexplored segments of the energy efficiency market and bring them to the mainstream through this funding opportunity.
“These GEF grants are meant to go into the sectors which are very new and these are like smart meters, smart grids.. tri generation is another. All these are new technologies, business models, yet untested in India and that’s where the GEF grants will be used to open up these markets and then the commercial money comes in. Very much like the LED story if you look at it,” Kumar told the newspaper.
The funding received by EESL is in form of loans and equity including a loan sanction of USD 200 million from the Asian Development Bank (ADB). It also includes another USD 20 million from Germany’s Kreditanstalt für Wiederaufbau (KfW).