Uttar Pradesh plans Investment Bazar to fund energy efficiency projects

Uttar Pradesh plans to organise Investment Bazar in the state capital very soon to facilitate financing of energy efficiency projects and technology.

And for this purpose, U.P. New and Renewable Energy Agency (UPNEDA), a designated body, is in the process of selecting a suitable company.

“We had invited bids to select an expert agency for the purpose of organising Investment Bazar in Lucknow. The bids will be opened soon after which the contract will be awarded to the most suitable company,” said AK Srivastava, project officer, NEDA.

The proposed event will provide a platform to financial institutions (FIs), project developers, industries, government departments and other stakeholders for implementation of energy efficiency projects in Uttar Pradesh.

“The event will help promote financing of energy efficiency projects as industries will replace old technologies with energy efficient ones, availing themselves of financing facilities that may be easily available after the Investment Bazar conference is held,” he said.

The lack of financing of energy efficiency projects, he said, was a major challenge.

“The agency that will be selected to organise the Investment Bazar will also be mandated to prepare five bankable projects (in energy efficiency) each after discussing with the concerning sectors and present the same to the NEDA for necessary action,” Srivastava said.

Energy conservation with the help of energy efficient gadgets is being seen as an important way to increase availability of power to meet the increasing electricity demand in Uttar Pradesh, which is yet to be able to provide 24×7 power to all the consumers, especially in rural areas.

The stakeholders, including banks and other financial institutions, equipment manufacturers, energy service companies and government departments that will participate in the Investment Bazar, are expected to find out ways to implement energy saving projects and promote power conservation in UP.

The Bureau of Energy Efficiency (BEE), a Central government enterprise, is facilitating conduct of “Investment Bazaar for Energy Efficiency” in various states/UTs to accelerate and facilitate financing of energy efficiency projects/technologies through state designated agencies (SDAs).

All SDAs (NEDA in case of UP) have also been directed to constitute financial institutions committees for accelerating financing in respective states.

The Energy Conservation Act, 2001, under section 14, empowers the Central government to develop a standards and labeling(S&L) programme which was formally launched on May 18, 2006, by the ministry of power.

BEE defines the energy performance standards for appliances and equipment and promotes and facilitates its adoption through several training, awareness and capacity building programs.

The Central government, in the meantime, is holding a meeting on energy conservation, in Goa on October 11 and 12.

Representatives of the state designated agencies, including ones from NEDA, are participating in the meeting.

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