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India’s Experience on ESCO development Energy Efficiency Financing
Ajay Mathur
Bureau of Energy Efficiency Government of India
1
Indian Energy Intensity has been declining
0.700
0.578
0.554
0.537
0.506
0.478
0.446
0.417
0.392
0.386
0.378
0.352
0.331
0.600
0.500
0.400
0.300
0.200
0.100
0.000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Energy Intensity (toe/2005 US$1000 GDP)
Approximately half of the reduction in energy intensity is due to energy efficiency improvements, implying an investment of $6-9 billion every year (5% of all investments) in energy efficiency
Sustained and enhanced reduction is required ; resources are not an issue, finding new projects in new sectors is the challenge
2
Major Areas for Energy Conservation
PAT
ESCO (PRGF)
Ag DSM
Municipalities
Agriculture Industries
SME
Commercial Buildings
ECBC, ESCO (PRGF)
Other Programmes:
• Standard & Labeling
SME Programme
• SDA interventions
• BLY
• SEEP
Pattern of Energy Efficiency Financing
Where is investment happening
?
• Energy cost is large in total
cost
• Impact on competitiveness due to inefficiencies
• Large Industries X
Where are public policies needed to promote investment flows ?
• Weak Balance Sheet
• Limited Knowledge
• Small & Medium Enterprise (SME) Ö
Invest on their own
• No Significant impact on competitiveness due to inefficiencies
• Small Commercial Buildings Ö
• Municipalities Ö
• Low Energy Cost
• Farmers Ö
Look for investments
4
Energy Efficiency Projects unable to attract financing
• Wide range of technologies, most with substantial experience with successful implementation, internationally as well as in India
• Relatively small project size – 10 Lakhs to 100 Crores
• Relatively short simple payback periods – generally one to
five years
• High proportion of project development costs
• Range of implementation business models with increasing
interest in performance based approaches
• Manageable risks – but very often, “new” risks
5
Promoting ESCOs* as a force multiplier
• High Cost of Investment
• Obsolete technologies
• Limited knowledge
• Limited resources
• Alternative Strategic Investments such as capacity addition or diversification
• Financing on balance sheet of ESCO
• Limited knowledge about ESCO
business
• Limited knowledge about energy efficient products
• Appraisal/Risk Assessment
Beneficiaries Financial Institutions
ESCOs Common Issues
•
Limited resources (Debt &
Equity)
•
•
High Transaction Costs
Competitiveness in Investments
6
* Energy Service Companies
Key Interventions to Promote Investments
• Comfort to Financial Institutions/Banks for non-recourse
financing
• Partial Risk Guarantee Fund for Energy Efficiency (PRGFEE)
• Lower Transaction Cost
• Simple M&V Protocol
• Standardized contracts (Performance Contract)
• Innovative Financing
• Venture Capital Fund for Energy Efficiency
• Longer loan tenors
• Risk Assessment
• Capacity building of banks
• Standardized risk assessment of different types of projects –
leading to competitive cost of loans 7
Activities under NMEEE* to promote EE Financing
• Partial Risk Guarantee Facilities
• A PRGF is a risk sharing mechanism lowering the risk to the lender by substituting part of the risk of the borrower by granting guarantees ensuring repayment of part of the loan upon a default event
• Guarantees a maximum 50% of the loan (only principal). In case of default, the fund will:
1. Cover the first loss subject to maximum of 10% of the total guaranteed
amount
2. Cover the remaining default (outstanding principal) amount on pari- passu basis upto the maximum guaranteed amount
• Venture Capital Fund for Energy Efficiency (VCFEE)
• To providing risk capital support to energy efficiency investments in new technology, goods and services, etc
• Provide last mile equity support to specific energy efficiency projects, limited to a maximum of 15% of total equity required, through
Special Purpose Vehicle (SPV) or INR 2 Crores, whichever is less 8
* National Mission to Enhance Energy Efficiency
Activities under NMEEE to promote EE Financing
Energy Efficiency Services Limited
• Joint Venture of NTPC Limited, PFC, REC and POWERGRID to facilitate implementation of energy efficiency projects
• Work as ESCO, and Consultancy Organization for Energy
Efficiency, etc
• Lead the market-related actions of the NMEEE
• Lead investments in energy-efficiency projects, in partnership with private-sector ESCOs, manufacturers, etc.
• Assume a greater share of commercial risks
• Aggregate and bundle projects
9
Energy is Life… Conserve It
10
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