The Bureau of Energy Efficiency (BEE) and The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) today signed a Memorandum of Understanding to work closely on the former’s Energy Efficiency Financing Platform (EEFP).
The MoU was signed by Dr. Ajay Mathur, Director General, BEE and Stuart Davis, CEO, HSBC India.
The objective of the EEFP is to create a mechanism towards mainstream financing of energy efficiency projects. EEFP will provide instruments like bankable Detailed Project Reports (DPRs) and other risk mitigation measures to enhance comfort for lenders towards aggregated energy efficiency projects. The Bureau of Energy Efficiency has already initiated work towards developing guidelines and tools for partial risk guarantee and venture capital funds to augment the work that will facilitate the EEFP.
Dr. Ajay Mathur, while signing the MOU, said “EEFP is being positioned as a platform to facilitate learning and experience sharing on removing barriers that have stunted financing to the energy efficiency projects. The significant step taken by HSBC India will send the right signal in the market and would spur private investment”.
Stuart A Davis, CEO, HSBC India, on the occasion said “The Signing of MOU with Bureau of Energy Efficiency is an expression of HSBC India’s desire to work in partnership with the government on issues surrounding energy efficiency and climate change. This partnership will help us enhance our learning and explore innovative opportunities in this space.”
Source: Business Wire India
The MoU will strengthen the Energy Efficiency Financing Platform (EEFP) that seeks to overcome barriers to financing of energy efficiency projects though risk sharing strategies and capacity up-gradation of financial institutions. PTC India and SIDBI have signed the EEFP memorandum with BEE.
The overall energy efficiency investment market is estimated to be around Rs. 74,000 crore. This will get a significant push after the National Mission for Enhanced Energy Efficiency is approved by the government. BEE will facilitate, apart from providing overall guidance, bankable projects in areas like energy efficiency improvements in commercial buildings, municipalities, Small and Medium Enterprises (SMEs), agriculture, etc. to unlock the market.
The MOU provides for enhancing the effectiveness and reach of the energy efficiency activities; HSBC India, as per its internal policies and guidelines, will consider financial support for implementing this activity on terms mutually agreed with BEE.
The partnership will explore energy efficiency improvements by ESCO-based performance contracts and Demand Side Management initiatives in a variety of sectors.
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