Vijayawada:To facilitate financing of energy efficiency projects in the state, the AP State Energy Conservation Mission (APSECM-Department of Energy) will launch eight banks (Union Bank, SBI, PNB, Yes Bank, IOB, Bank of India, Central Bank of India and HDFC Bank) and three non-banking financial institutions (Nabard, PFC, IIfL Home Loan). A committee was constituted.
Members of financial institutions appreciated and welcomed the initiative of AP's AP SEC M/ State Designated Agency (SDA) and assured full cooperation in sanctioning loans for energy efficiency projects. The Benefit of partial risk guarantee fund is provided to the Bureau of Energy Efficiency (BEE) in sympathy for the Energy Efficiency (PRGFE) scheme. These are implemented by ESCos connected to BAE. This will help increase energy efficiency investment in AP for energy efficiency projects.
In a meeting with banks and NBFCs, the Union Bank of India executive was constituted as chairman, State Bank of India Executive, Vice Chairman of State Bank of India, Chief Executive Officer of APSECM, Ap's SDA, a Committee with Secretary/Energy by nominating the Energy Department, as Convener.
The Financing Committee proposes any policy initiative for energy efficiency (EE) and the development of the EE market in the state. The state level energy efficiency projects facing funding issues will be addressed and the committee members will finance these projects on the technical recommendation of AP SEC M, SDA.
The EE Will complete the technical evaluation of the projects and recommend the Project Committee to fund such EE projects, based on technical feasibility. In addition, AP SEC mee proposals from multiple stakeholders in various sectors such as industries (big or small), buildings, agriculture etc. and enter sec with THEE empanelled with the financial institutions of the AP ECEM Committee and the PRGFE (Partial Risk Guarantee Fund for Energy Efficiency Financing) will be eligible to provide financing under this scheme.
PRGFE is an innovative financial tool that uses public resources to channel private sector finance to promote energy efficiency in various sectors. Energy Secretary Srikanth Nagulapalli said, "BE financial institutions have developed a risk sharing mechanism with partial coverage of the risk of lending to energy efficient projects. BEE has allocated about 312 crores for PRGFE at the national level.
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