India secures ample financing to scale-up energy efficiency programme

first_imgFeatured image: Stock The government of India, the Energy Efficiency Services Limited (EESL) and the World Bank have signed a $220 million loan agreement and a $80 million guarantee agreement for the India’s Energy Efficiency Scale-Up Programme.The programme, to be implemented by the state-owned EESL, will help scale up the deployment of energy saving measures in residential and public sectors, strengthen EESL’s institutional capacity, and enhance its access to commercial financing.“The Programme will help tackle the financing, awareness, technical and capacity barriers faced by new energy efficiency programmes and support the UJALA programme [the Unnat Jyoti by Affordable LEDs for All] of the Government of India,” said Sameer Kumar Khare, joint secretary in the Department of Economic Affairs and Ministry of Finance.Khare added: “This is one of the several steps being taken by the Government of India to meet its climate change commitments to reduce carbon intensity by 33-35% by 2030.”The investments under the programme are expected to avoid lifetime greenhouse gas emissions of 170 million tons of CO2, and contribute to avoiding an estimated 10GW of additional generation capacity.This would be over 50% of the National Mission for Enhanced Energy Efficiency target of 19.6GW indicated in India’s Nationally Determined Contributions (NDCs) under the Paris Accord. Read more: India scaling up local EV battery productionThe key components of the operation include:Creating sustainable markets for LED lights and energy efficient ceiling fans;Facilitating well-structured and scalable investments in public street lighting;Developing sustainable business models for emerging market segments such as super-efficient air conditioning and agricultural water pumping systems;And strengthening the institutional capacity of EESL.Moreover, the programme will help to increase private sector participation in energy efficiency, including through private sector energy service companies.Under the programme, EESL will deploy 219 million LED bulbs and tube lights, 5.8 million ceiling fans, and 7.2 million street lights, which will be supplied by private sector manufacturers and suppliers.India energy efficiency programmeDemand for energy end-use appliances and equipment like lighting, ceiling fans, air conditioners, refrigerators, agricultural pumps, and industrial motors is projected to grow significantly in India.So far, through the “Unnat Jyoti by Affordable LEDs for All” (UJALA) programme, EESL has already deployed more than 295 million LED bulbs, resulting in avoiding over 7,500MW of new electricity generation capacity and bringing a significant drop in retail prices of high quality LED lightbulbs.The India Energy Efficiency Scale-Up Programme will help EESL expand UJALA’s deployment of efficient ceiling fans, LED street lights and LED tube lights, along with its already-successful LED bulbs procurement and distribution. Finance and Policy Generation AFD and Eskom commit to a competitive electricity sector RELATED ARTICLESMORE FROM AUTHOR BRICS TAGSWorld Bank Previous articleOff-Grid Energy Access Fund reaches its first closeNext articlePrivate equity shines in Bright Africa 2018 report Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. Low carbon, solar future could increase jobs in the future – SAPVIA UNDP China, CCIEE launch report to facilitate low-carbon developmentlast_img read more

Why going green can save cash quicker than you think

first_imgSubscribe now for unlimited access Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community To continue enjoying, sign up for free guest accessExisting subscriber? LOGIN Get your free guest access  SIGN UP TODAY Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to industry news as it happensBreaking, daily and weekly e-newsletterslast_img read more

McMillan Williams creditors poised for tiny return on £15m owed

first_imgUnsecured creditors to the collapsed south east firm McMillan Williams are owed more than £15m in total, administrators have revealed.An update on the administration of the firm – an almost ubiquitous presence on high streets in London and the south east until its pre-pack sale – estimates that 156 parties with claims can expect to recoup just 3.1% from the proceeds.The list of unsecured creditors includes £4.6m owed to directors, £6.7m to banks and £2m to landlords. Trade and expense creditors – many of them in the legal sector – are owed around £1.8m.The update sets out that a significant regular source of revenue was high-volume residential conveyancing: this service line declined in volume in late 2019 and the onset of Covid-19 severely restricted this revenue stream. Working capital was also affected by delayed settlements for clinical negligence and personal cases, for which the firm had made significant upfront investment.McMillan Williams was highly-geared, operating WIP and disbursement funding lines with lenders VFS and Doorway as well as a term loan and overdraft facility with Barclays. At the appointment of administrators, VFS and Doorway were each owed around £2m and are classed as preferential creditors, likely to claw back monies owed in full.The report states that in order to continue trading, the firm needed extra funding, and neither the business, its directors or its investors were in a position to help.The sale to Taylor Rose TTKW Limited was completed in May. The buyer has already paid £450,000 and is expected to pay a further £950,000 based on 75% recovery of the total value of PI and clinical negligence claims. Specialists assessing work in progress found personal injury and clinical negligence cases worth £10.7m, although much of this is tied up in agreements with funders.In total, 414 employees were transferred to Taylor Rose. Negotiations are ongoing with landlords for the 20 leasehold properties held in the McMillan Williams name.The firm had already started to make spending cuts in 2018/19, reducing its staff costs by more than £2m through shedding around 10% of its headcount in the previous 12 months. Remuneration of the highest paid director also fell, from £350,000 to £250,000.But despite apparent financial pressures, the firm continued to expand. By last year, it had grown to 26 offices across London and the south east and was still talking about growing the firm’s reach. As recently as last September, the firm qualified 23 trainee solicitors, claiming to be one of the largest providers of training contracts in England. This article has now been closed to comments.last_img read more

Deadline for Drone Registration Refund Approaching

first_imgFacebookTwitterEmailPrintFriendly分享Drone owners should register their unmanned aerial vehicles into the federal database by January 20 if they want their five dollar registration fee refunded. The FAA is also promoting a new app called B-4-U Fly which can help if you have questions about the rules for flying drones. Drones weighing between .55 lbs to 55 pounds must be registered in the FAA’s database. Drones which weigh more than 55 lbs must be registered as a typical aircraft. Administrator Michael Huerta with the Federal Aviation Administration told a panel at the Consumer Electronics Show earlier this month that the agency has simplified registrations. Huerta: “We’ve streamlined the current authorization process – the rule will greatly decrease the need for case-by-case approvals – increasing commercial operators’ ease-of-access to the national airspace system.” When registering, owners will be required to pay $5.00 but those that register before January 20 will have that fee refunded. Click here to visit the FAA’s registration page.last_img read more