New Delhi, January 1, 2019: Energy Efficiency Services Limited, a joint venture of PSUs under the Union Ministry of Power has raised its first Long-term Rupee loan for INR 500 crores. The loan, issued by Punjab National Bank (PNB), shall be utilized towards funding capital expenditure of EESL’s flagship programmes including Street Lighting National Programme, Smart Meter National Programme, Solar Substation, and E-Mobility project.
The agreement for the seven-year loan was signed with a two-year moratorium, with the interest rate being linked to PNB’s Marginal Cost of Fund-Based Lending Rate (MCLR), presently at 8.45 percent per annum.
Speaking at the occasion, Shri Saurabh Kumar, Managing Director, EESL stated: “This is a true landmark moment in our company’s history, and holds much significance for the future of the energy efficiency market and overall EE ecosystem in India. Targeted at expanding the reach and impact of our energy efficient lighting, smart metering, renewable energy, and electric vehicle programmes, this loan will also channel India’s capabilities towards leading the global charge against climate change from the front.”
The PNB loan is one of EESL’s several major financial ventures in 2018. In March, EESL and its UK subsidiary EnergyPro Assets Limited (EPAL) acquired Edina UK Ltd, a leading supplier, installer and maintenance provider for combined heat and power (CHP), gas, and diesel power generation solutions in the United Kingdom (UK). The INR 493 crore (£55 million) acquisition was the first-of-its-kind venture by an entity under the Ministry of Power, Government of India and was effected through EESL’s UK subsidiary, EPAL.
In May 2018, EESL also signed a loan agreement with The World Bank for INR 20.40 billion (USD 300 million) to scale up the deployment of energy saving measures in residential and public sectors, strengthen EESL’s institutional capacity, and enhance EESL’s access to commercial financing with the first-ever IBRD guarantee in India.
Your email address will not be published. Required fields are marked *
Notify me of follow-up comments by email.
Notify me of new posts by email.
Sign me up for the newsletter!
Successful E-Mobility from ZF: Speed on the Track, Range in Everyday Traffic
Piaggio celebrates Italian National Day at the Embassy of Italy, New Delhi
9TH EDITION OF HELLO! HALL OF FAME AWARDS 2019
ET EDGE MAHARASHTRA ACHIEVERS’ AWARDS 2019 SUPPORTED BY FEMINA CELEBRATES LUMINARIES FROM ALL WALKS OF LIFE
Discovery Channel to premiere Todd Sampson’s Body Hack 2.0 from 25th March
2014 The Global Indian New Network (TGINN)