Bureau of Energy Efficiency (BEE) in the third week of July 2015 signed an Implementing Agency Agreement with REC Power Distribution Company Ltd. (RECPDCL) for the operationalisation of Partial Risk Guarantee Fund for Energy Efficiency (PRGFEE).
RECPDCL signed the agreement with BEE on behalf of the consortium between RECPDCL, REC Limited and Energy Efficiency Services Limited (EESL).
The Agreement was signed by Secretary of BEE Sanjay Seth and Chief Financial Officer of RECPDCL Somya Kant in the presence of Dr. Ajay Mathur, Director General, BEE.
What is PRGFEE?
PRGFEE is an innovative financing mechanism under Framework for Energy Efficient Economic Development (FEEED). It is one of the initiatives under National Mission for Enhanced Energy Efficiency.
The fund has been constituted by Bureau of Energy Efficiency (BEE) and Union Ministry of Power.
Further, it is a risk sharing mechanism to provide financial institutions (Banks/NBFCs) with a partial coverage of risk involved in extending loans for energy efficiency projects.
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Who: BEE and RECPDCL
When: Third week of July 2015