According to the bank website, The Asian Development Bank (ADB) will provide a loan to Energy Efficiency Services Limited (EESL), to be guaranteed by the Government of India, to support scale-up of investments in a growing energy efficiency market in India. ADB's loan will support expansion of EESL's business lines to include: (i) smart meters and other intelligent energy management system elements; (ii) electric mobility including charging infrastructure; and (iii) on-grid solar energy at existing distribution substations to reduce losses in agricultural feeders. ADB is now administering a grant from the Global Environment Facility (GEF) to support expansion of EESL's ESCO business to new energy efficient technologies, and the proposed loan will help scale up and accelerate deployment of those technologies and replicate success achieved by the ongoing ADB project. This will be the second ADB investment to EESL to support replication, scale up, and expansion of energy savings investments. A sector loan financing modality is proposed for this project because there is a sector road map and capacity, and it allows for the early implementation of subprojects with high readiness and the expansion of coverage to include newer subprojects as they are developed, irrespective of physical location.
According to the ADB, Since its incorporation in 2009, EESL has created a new normal for more efficient lighting, pumping, and buildings, and will continue to service these traditional end-use market segments that present potential savings of terawatt-hours per year. EESL is expanding its market scope to include upstream efficiency opportunities that have not been targeted by traditional energy service company (ESCO) investments. New business models are being tested and improved to address more expansive opportunities, including on-grid distributed renewable energy in the last mile of on-grid supply to rural agricultural areas and electric mobility. Continued efficiency gains across energy supply chain spectra will reduce the need for new centralized electricity generation plants, facilitating the future decommissioning of obsolete fossil-fuel power plants
Responsible ADB Officer Acharya, Jiwan S.
Responsible ADB Department South Asia Department
Responsible ADB Division Energy Division, SARD
Energy Efficiency Services Limited
A-13, IWAU Building, 4th Floor Sector-1, Noida - 201301 Uttar Pradesh
ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main