Global Environment Facility (GEF), with Energy Efficiency Services (EESL), have launched a revolving fund for three efficiency areas.
EESL, under the ministry of power, is a joint venture of four state sector undertakings. Washington-based GEF would also be funding EESL’s district energy initiative in Bhopal, Pune, Coimbatore, Thane, and Rajkot.
The major portion of GEF’s financing, $200 million, for the revolving fund would come from Asian Development Bank (ADB). It would get $454 million, comprising the GEF grant of $20 million and co-financing of $434 million in the form of loans and equity, including the ADB loan.