Bureau of Energy Efficiency (BEE) has signed an Implementing Agency Agreement with REC Power Distribution Company Ltd. (RECPDCL) for the operationalisation of Partial Risk Guarantee Fund for Energy Efficiency (PRGFEE).
PRGFEE aims to support energy efficiency projects by addressing credit risk barriers faced in financing Energy Service Companies (ESCOs).
RECPDCL signed the agreement with BEE on behalf of the consortium between RECPDCL, REC Limited and Energy Efficiency Services Limited (EESL).
PRGFEE is an innovative financing mechanism under Framework for Energy Efficient Economic Development (FEEED), which is one of the initiatives under National Mission for Enhanced Energy Efficiency.
This fund has been constituted by Bureau of Energy Efficiency and Ministry of Power, Government of India. PRGFEE is a risk sharing mechanism to provide financial institutions (Banks/NBFCs) with a partial coverage of risk involved in extending loans for energy efficiency projects.