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IDBI Bank releases first tranche of grant to Essar Steel Ltd. first beneficiary of India Chiller Energy Efficiency project (ICEEP)


Mumbai : IDBI Bank has been implementing the India Chiller Energy Efficiency Project (ICEEP) in association with World Bank and Ministry of Environment and Forests (MoEF), GoI. The project provides financial incentives aimed at accelerated replacement of energy inefficient Chloro Fluoro Carbon (CFC) based centrifugal chillers with more energy efficient non-CFC chillers.  This is a unique project that would combine the phase out of CFC chillers with reduction in Greenhouse gases (GHGs). Under the project, chiller owners as well as chiller manufacturers are eligible for monetary incentives to facilitate switchover to new non-CFC chillers. The project is being financed by the Global Environment Facility (GEF), Multilateral Fund for Implementation of the Montreal Protocol (MLF) to the extent of USD 7.30 million.

IDBI Bank today released grant incentives of USD 75,600/- (i.e. Rs.34,02,000) to Essar Steel Limited, being the first beneficiary under ICEEP on successful completion of its sub-project for replacement of three CFC centrifugal chillers (300TR each) with three energy efficient non-CFC chillers (350TR each) at its integrated steel plant at Hazira, Gujarat, under Global Environment Facility.

IDBI Bank is receiving very encouraging response from chiller owners for participation in the project. Under ICEEP so far, 78 chillers have been identified and 54 chillers have been registered for grant incentives.

IDBI Bank is sharply focusing on providing various forms of financial and non-financial support to renewable energy and energy efficiency projects. This forms part of the Bank’s overall strategy to play a significant role in the area of mitigating climate change.

You can contact the Author at  nr_indran@rediffmail.com

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