Energy Efficiency Services Limited (EESL) has raised bonds in the domestic market to fund energy efficiency projects in India. Domestic bonds worth Rs. 500 crore were issued to investors on private placement basis at a coupon rate of 8.07% per annum. These bonds have been rated AA by ICRA and CARE. The maturity of the bonds range from 3.5 to 7 years on STRPP basis.
The bonds are proposed to be listed in WDM segment of the Bombay Stock Exchange. The issuance has been fully subscribed showcasing the faith investors have in the energy efficiency business of the company.
- EESL is a joint venture of NTPC Limited, Power Grid Corporation of India Limited (PGCIL), Power Finance Corporation Limited (PFC Limited) and Rural Electrification Corporation (REC).
- EESL has implemented energy efficiency programs in domestic and street lighting, buildings, agriculture etc.
- It is responsible for implementation of Domestic Efficient Lighting Programme (DELP) which reduced the prices of LED bulbs by 75%.