印度节能事业发展政策和能效融资经验.docx

Indias Experience on ESCO development Energy Efficiency FinancingAjay MathurBureau of Energy Efficiency Government of India1 Indian Energy Intensity has been declining0.7000.5780.5540.5370.5060.4780.4460.4170.3920.3860.3780.3520.3310.6000.5000.4000.3000.2000.1000.000200020012002200320042005200620072008200920102011Energy 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 efficiencySustained and enhanced reduction is required ; resources are not an issue, finding new projects in new sectors is the challenge2 Major Areas for Energy ConservationPATESCO (PRGF)Ag DSMMunicipalitiesAgricultureIndustriesSMECommercial BuildingsECBC, ESCO (PRGF)Other Programmes: Standard & LabelingSME Programme SDA interventions BLY SEEP Pattern of Energy Efficiency FinancingWhere is investment happening? Energy cost is large in totalcost Impact on competitiveness due to inefficiencies Large Industries XWhere are public policies needed to promote investment flows ? Weak Balance Sheet Limited Knowledge Small & Medium Enterprise (SME) Invest on their own No Significant impact on competitiveness due to inefficiencies Small Commercial Buildings Municipalities Low Energy Cost Farmers Look for investments4 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 tofive years High proportion of project development costs Range of implementation business models with increasinginterest in performance based approaches Manageable risks but very often, “new” risks5 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 ESCObusiness Limited knowledge about energy efficient products Appraisal/Risk AssessmentBeneficiariesFinancial InstitutionsESCOsCommon IssuesLimited resources (Debt &Equity)High Transaction CostsCompetitiveness in Investments6* Energy Service Companies Key Interventions to Promote Investments Comfort to Financial Institutions/Banks for non-recoursefinancing 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 loans7 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 guaranteedamount2. 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, throughSpecial Purpose Vehicle (SPV) or INR 2 Crores, whichever is less8* National Mission to Enhance Energy Efficiency Activities under NMEEE to promote EE FinancingEnergy 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 EnergyEfficiency, 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 projects9Energy is Life Conserve It10