While we have established a strong market demand for energy efficient products and services, India’s sustainable energy goals need a broader necessary market ecosystem and capacity building for diverse stakeholders. Under the ambit of the National Action Plan on Climate Change (NAPCC), India’s National Mission on Enhanced Energy Efficiency (NMEEE) has identified a Framework for Energy Efficient Economic Development (FEEED) to create fiscal instruments promoting the uptake of energy efficiency projects.
FEEED focuses on developing fiscal and investment guarantee instruments to promote energy efficiency, including the Partial Risk Guarantee Fund for Energy Efficiency(PRGFEE)
As a risk-sharing mechanism, PRGFEE provides commercial financial institutions with a partial coverage of risk exposure against loans issued for energy efficiency projects, and directly supports financing of Energy Efficiency (EE) projects by
In July 2015, BEE appointed the consortium of Energy Efficiency Services Limited (EESL), REC Power Distribution Company Limited(RECPDCL) and Rural Electrification Corporation(REC) as the Implementing Agency for PRGFEE.
|Bureau of Energy Efficiency||REC||RECPDCL||EESL|
Annually empanel Energy Service Companies (ESCOs).
To appoint an Implementing Agency and monitor its performance.
To empanel Participating Financial Institutions and M&V Agencies
Guidance Support & Supervision.
Legal Compliance of Guarantee Documents
Overall Management & Team Leader
Furnishing PRGFEE Guarantees
Technical Appraisal & Monitoring
Marketing & Promotion
Aggregation of EE Projects
The scheme, notified by The Ministry of Power on May 26, 2016, covers energy efficiency projects across Government Buildings, Municipalities, SMEs and industries.
PRGFEE will act as a first-loss and subordinated recovery guarantee, to be placed in a guarantee reserve account and paid out to empanelled participating Financial Institutions (“PFIs”) in case of loss or default in energy efficiency projects. The project must be implemented by BEE empaneled ESCO on performance contracting mode
PRGFEE therefore has the potential to unlock the energy efficiency market’s potential and address specific barriers.
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