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Energy projects in Andhra Pradesh to get support from BEE
Energy projects in Andhra Pradesh to get support from BEE
Four banks come forward to finance projects
Vijayawada: The Bureau of Energy Efficiency (BEE), a statutory body of Union Ministry of Power, Government of India, has come forward to channelise bank finance to the energy efficiency projects in Andhra Pradesh under Partial Risk Guarantee Fund for Energy Efficiency (PRGFEE) scheme. The energy efficiency projects will be provided loan facility up to Rs 10 crore through BEE approved Energy Service Companies (ESCOs) under the scheme. This will help to scale up energy efficiency investments in the state for energy efficiency projects.
According to officials, the BEE has formulated a risk sharing mechanism to provide financial institutions with a partial coverage of risk involved in extending loans for energy efficient projects. The BEE has allotted around Rs 312 crore for the PRGFEE at national level. Consequently, Andhra Pradesh will also benefited with the initiative of the BEE.
Under the scheme, the BEE will provide guarantees for a maximum 50 per cent of the loan or Rs10 crore per project, whichever is less, to the financial institutions which offer loans to industries or others to take up energy efficiency projects in Andhra Pradesh.
This information was furnished in the webinar conducted on Sunday by BEE and participated by Energy Secretary, Government of Andhra Pradesh, Nagulapalli Srikanth.
During the webinar on energy efficiency financing, Director General/BEE, Abhay Bhakre emphasized the need for all states to fully focus on energy efficiency financing that will enhance the economy of the nation which is also the objective of the Ministry of Power, Government of India.
Abhay Bhakre said the support for the PRGFEE will be applicable for the industry, small and medium enterprises, municipalities, government buildings and private buildings having commercial and multi-story accommodations.
He further said industrial, building and municipal sectors consume 50 per cent of total electricity consumption in country due to which the BEE has laid focus to improve energy efficiency in those sectors.
He said AP State Energy Conservation Mission (APSECM) of Energy department is the nodal agency to implement the PRGFEE scheme in Andhra Pradesh. The APSECM will constitute a committee of financial institutions (Banks and Non-Banking Financial Companies) within the State as per guidelines of BEE for effective evaluation of energy efficiency projects to facilitate financing.
The APSECM has already made consultations with seven nationalised banks asking them to be part of the committee. Four major banks (Bank of India, Central Bank, NABARD and HDFC Bank) have given their consent so far for the same.
Secretary for energy Srikant Nagulapalli said that the State government always invite new initiatives that help to strengthen power sector in State. The government is also considering energy efficiency as a powerful tool to increase energy security, reduce energy expenditure and mitigate greenhouse gas emissions.
