Nine-bank panel to finance energy-efficiency projects

Vijayawada: Andhra Pradesh State Energy Conservation Mission (APSECM) has constituted a financial committee comprising nine banks to address financial issues being faced by energy-efficiency projects at the state level.

The financial committee will finance such projects on the technical recommendation of APSECM.

The committee comprises representatives from Union Bank, SBI, PNB, YES Bank, IOB, Bank of India, Central Bank of India, HDFC Bank, and ICICI Bank, apart from four non-banking financial companies (NBFCs) – NABARD, PFC, IIFL Home Loans and SIDBI.

Quoting special chief secretary (Energy) K. Vijayanand, APSECM CEO B.A.V.P. Kumara Reddy disclosed information about the formation of the committee at the “Investment Bazaar for Energy Efficiency” organised in Vijayawada on Friday to accelerate and facilitate the financing of energy efficiency projects and technologies in industries within Andhra Pradesh.

Speaking on the occasion, AP-Genco managing director and AP-Transco JMD K.V.N. Chakradhar Babu said the Energy-Efficiency Financing Platform (EEFP) in Andhra Pradesh is helping upscale energy-efficiency financing in the state. Industries can use the platform to interact with financial institutions for financing energy-efficiency projects, technologies, and appliances.

Chakradhar Babu advised consumers to judiciously use air-conditioners and refrigerators to cut down on their energy bills. He suggested that ACs be set between 24 to 27-degree temperature for saving energy.