I am very excited to share with you the partnership with Energy Efficiency Services Ltd or EESL, acompany that finances residential and public-sector energy efficiency investments in India. EESLhas already deployed more than 275 million LED bulbs, 4.2 million LED tube lights, and 4 million street lights in municipalities throughout India.
Through an innovative bulk procurement business model, EESL has driven down prices to make climate-smart LED bulbs as affordable as conventional bulbs, saving energy costs for customers. Just by mid-2019 this programme will save enough energy to avoid 20 GW of electricity capacity which would likely been all coal fired. Early next year, EESL will use a 220-million-dollar World Bank (IBRD) loan, combined with an 80-million-dollar guarantee facility, and leverage 200 million dollars of commercial finance to deploy thousands of electric cars and charging stations and millions of smart meters throughout India.”
(The World Bank President was speaking at the recent OnePlanet Summit inParis)
