USD 250 million loan signed with ADB
The Government of India has signed a USD 250 million loan with the Asian Development Bank (ADB) for expanding the energy efficiency investments in the country.
The loan amount will be utilized by the Government of India’s, world’s largest public Energy Service Company(ESCO), Energy Efficiency Services Limited(EESL) that will benefit agricultural, institutional and residential consumers.
The loan will also support EESL with the technical assistance of USD 2 million for implementation of the project that includes a gender action plan, identifying new business opportunities, transferring knowledge about successful models and mobilizing private sector participation in energy efficiency services.
In addition, from the Clean Technology Fund(CTF) of ADB, a USD 46 million financing will be provided that will be administered by ADB.
Earlier in 2016, ADB has approved a USD 200 million loan to EESL for improving efficient lighting and appliances project under the Demand Side Energy Efficiency Sector. EESL was founded in the year 2009, is a 100% owned Energy Service Company(ESCO) of the Government of India. EESL is a joint venture of POWERGRID, NTPC Limited, Power Finance Corporation and the Rural Electrification Corporation (all state-owned).
Category: Economy & Banking Current Affairs