VIJAYAWADA: The Andhra Pradesh State Energy Conservation Mission (APSECM) organised ‘Investment Bazaar for Energy Efficiency’ in Vijayawada on Friday to accelerate and facilitate financing of energy efficiency projects and technologies in industrial sector.
Speaking at the investment bazaar as a chief guest, APGENCO Managing Director KVN Chakradhar Babu said Energy Efficiency Financing Platform (EEFP) helps upscale energy efficiency financing in the State by providing a platform where financial institutions can interact with industries for financing and implementation of energy efficiency projects.
AP is committed to making efforts and contributing towards the ambitious energy efficiency investment potential available to the tune of around Rs 13.20 lakh crore in the country by 2031 and out of which about Rs 10.72 lakh crore of investment potential will be exclusively availed in industrial, commercial and transport sectors alone, he said.
Emphasising the significance of energy conservation and energy efficiency, he said fossil fuels consumption is increasing day by day and the natural resources may get depleted within 100 years. “In view of the alarming situation, it is everyone’s responsibility to act swiftly and adopt energy efficiency in our daily lives,” he stressed.
Conveying the message of Special Chief Secretary (Energy) K Vijayanand, APSECM CEO BAVP Kumara Reddy said the State government is committed to supply of quality and reliable power 24x7. Investment Bazaars showcase viable energy efficiency projects/technologies in the presence of representatives of financial institutions and industries, with the objective of bringing convincing deals for financing energy projects.
The APSECM has constituted a financial committee comprising nine banks, including Union Bank, SBI, PNB, Yes Bank, IOB, Bank of India, Central Bank of India, HDFC Bank, ICICI Bank and four non-banking financial companies (NBFC, NABARD, PFC, IIFL Home Loans and SIDBI). The committee will look into energy efficient projects at the State level, which are facing financing issues, and the members will finance the projects on technical recommendation of APSECM.