World Bank to Provide $300 Million to EESL for India’s Energy Efficiency Program
The World Bank has announced that it will provide $220 million in loans and a $80 million guarantee to India’s Energy Efficiency Services Limited (EESL).
The funds will be utilized for EESL’s India Energy Efficiency Scale-Up Program which is aimed at increasing energy savings in residential and public sectors, strengthening EESL’s institutional capacity and enhancing its access to commercial financing.
Under the Program, EESL will deploy 219 million LED bulbs and tube lights, 5.8 million ceiling fans, and 7.2 million street lights, which will be supplied by private sector manufacturers and suppliers.
The key components of the operation include: creating sustainable markets for LED lights and energy efficient ceiling fans; facilitating well-structured and scalable investments in public street lighting; developing sustainable business models for emerging market segments such as super-efficient air conditioning and agricultural water pumping systems; and strengthening the institutional capacity of EESL. Moreover, the program will help to increase private sector participation in energy efficiency, including through private sector energy service companies.