India’s Energy Efficiency Services Limited (EESL) will use a new $13 million grant from the Global Environment Facility to improve its energy efficiency programme.
The news follows EESL signing a deal with the Asian Development Bank which secured the $13 million in grant funding.
The grant will fund EESL’s projects under the $200 million ADB-funded Demand-Side Energy Efficiency Sector Programme.
Launched in 2016, the programme provides funding for the installation of energy efficient lights and water pumps in streets and homes.
The $13 million grant is expected to hugely impact on consumer energy bills and help reduce carbon emissions in line with goals set by the Indian government under the National Mission for Enhanced Energy Efficiency.
ADB Country Director for India Mr. Kenichi Yokoyama, said: “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.
“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.