Team News Riveting
New Delhi, December 28
Convergence Energy Services Limited (CESL), a wholly owned subsidiary of Energy Efficiency Services Limited (EESL), has achieved a remarkable milestone of distributing 50 lakhs LED bulbs under Project Crore of their Gram Ujala programme.
Gram Ujala scheme is being implemented in rural households in Bihar, Uttar Pradesh, Andhra Pradesh, Karnataka, and Telangana.
Under the able leadership of Union Minister for Power and New & Renewable Energy R K Singh, CESL began this illuminating the villages journey in March this year. On National Energy Conservation Day 2021 this month, CESL achieved distributing 10 lakh bulbs in a single day.
CESL is providing high quality 7-Watt and 12-Watt LED bulbs with 3 years guarantee at a cost of INR 10 per bulb in exchange of working incandescent bulbs. Every household can exchange a maximum of 5 bulbs. The distribution has resulted in energy savings of 71,99,68,373.28 units per year with cost savings of 250 crores per year in the rural areas of aforementioned states. The programme is active till March 31, 2022.
Speaking on this achievement, Ms. Mahua Acharya, MD & CEO, CESL said that this programme is to ensure holistic development of rural ecosystem. Under the leadership of R K Singh Ji, CESL is constantly working towards providing better illumination in the rural parts of five states. Working on the same financial model of carbon credits, we will be expanding this to rural parts of other states upon completion of Project Crore, she added
CESL is supported by C-Quest Capital in the entire distribution journey under SHINE programme.
Applauding the partnership, Ken Newcombe, Chief Executive Officer, C- Quest Capital said that using carbon finance as the means to achieve energy efficiency in rural India is a powerful use of carbon markets. Doing this at scale is tremendous. Today’s 50 lac milestone is an important marker in this admirable program of the government of India which we are proud to co-finance and facilitate.
About CESL:
Convergence Energy Services Limited (CESL) is a subsidiary of state-owned Energy Efficiency Services Limited, a joint venture of public sector companies under the Ministry of Power, Government of India. CESL is focused on delivering clean, affordable, and reliable energy.
Convergence focuses on energy solutions that lie at the confluence of renewable energy, electric mobility, and climate change. CESL is also working towards enabling battery-powered electric mobility and its infrastructure and design business models to increase the uptake of electric vehicles in India. By employing unique business models, Convergence is utilizing a blend of concessional and commercial capital, carbon finance and grants as appropriate to enable commercialization of these solutions at scale.
