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1、 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 0.3
2、78 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, imply
3、ing 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
4、 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 ? •
5、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 imp
6、act 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 suc
7、cessful 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
8、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
9、 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) •
10、 • 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
11、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 compe
12、titive 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
13、 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 guarante
14、ed 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
15、 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 imp
16、lementation 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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