According to reports, Bureau of Energy Efficiency (BEE) and Tata Capital Limited today signed a Memorandum of Understanding (MoU) to work closely on the former’s Energy Efficiency Financing Platform (EEFP). Present at the occasion were Dr. Ajay Mathur, Director General, BEE and Mr. Praveen P Kadle, Managing Director and CEO, Tata Capital Limited.
The EEFP, an initiative under National Mission for Enhanced Energy Efficiency (NMEEE), seeks to create a mechanism for enabling mainstream financing of energy efficiency projects.
Dr. Ajay Mathur said “This MoU is an important step towards strengthening the EEFP, which is a platform to facilitate learning and experience sharing on removing barriers that have stunted financing of energy efficiency projects. Tata Capital’s concerted focus on this area is a positive signal to the market and private investors.”
In addition to its thrust on areas in financing of energy efficiency projects, the Memorandum will also provide a flexible, over-arching framework under which collaborative activities and partnerships in the field of Utility based Demand Side Management (DSM), Energy Conservation Building Code, Energy Efficiency in existing commercial buildings, Standards and Labeling Programme and Energy Efficiency in Industries will be implemented in India.
Said Mr. Praveen P Kadle, “The MoU will bring together the technical know-how and experience of BEE and the financial expertise of Tata Capital to help promote energy efficient projects and environment friendly technologies across the country. The MoU follows up on Tata Capital’s recent initiative of forming Tata Cleantech Capital Limited, a company focused on offering financing and advisory services to small, mid-sized and large companies to promote clean technology.”
While NMEEE estimates the overall energy efficiency investment market at around INR 74,000 crores, the combined capital of BEE funds will infuse over INR 170 crores in the energy efficiency market in the coming years.