In recent news emerging from India, a unique project centered around green energy has been announced. The nation’s first initiative aimed at generating renewable energy specifically for rural and agricultural use will be launched in Goa. This groundbreaking initiative is brought to life by Energy Efficiency Services Ltd (EESL), a joint venture of Public Sector Undertakings (PSUs) under the Ministry of Power. The Government of Goa has joined hands with EESL, setting their collaboration in motion through the signing of a memorandum of understanding (MoU).
Understanding EESL’s Convergence Project
The focus of this innovative convergence project by EESL lies at the intersection of renewable energy, electric mobility, and climate change. The primary objective is to establish a connection between seemingly independent sectors such as Solar Energy, Energy Storage, and LED lights. By doing so, they aim to provide integrative solutions that promote decarbonization and affordable energy access.
To achieve these goals, EESL offers interventional measures that address multiple gap areas in the energy ecosystem. Examples of such solutions include solarised agriculture feeders, LED street lights in local villages, and battery energy storage systems. To expedite the strengthening of rural infrastructure in an eco-friendly and sustainable manner, the project seeks to leverage the carbon financing mechanism.
EESL’s strategies for funding in relation to climate change currently encompass initiatives like Gram UJALA, Decentralised Solar, and Gram Panchayat Street Lights programs.
Prospective Benefits of the Convergence Project
This project holds significant potential benefits, the foremost being promotion of renewable energy usage, particularly for agricultural and rural power consumption within Goa. Additionally, it aims to reduce peak energy demand through the deployment of energy-efficient pumping and lighting, thus contributing to overall sustainability.
Moreover, the project, projected over 25 years, is expected to accrue savings of Rs 2,574 crores for the state while improving the financial health of DISCOMs and promoting cleaner power. Further, it promises to provide clean daytime electricity to farmers alongside energy-efficient pump sets. This could lead to reduced power consumption and mitigate Transmission and Distribution (T&D) losses tied to transmitting power to agricultural and rural feeder networks.
About Energy Efficiency Services Ltd
EESL is a joint venture comprising the National Thermal Power Corporation Limited (NTPC) Limited, Power Finance Corporation, Rural Electrification Corporation, and POWERGRID. It was established under the Ministry of Power to facilitate the implementation of energy efficiency projects.
Regarded as a Super Energy Service Company (ESCO), EESL aims to unlock India’s energy efficiency market, valued at approximately Rs. 74,000 crore. By implementing innovative business and execution models, it has the potential to result in energy savings of up to 20% of the current consumption.
Looking Ahead
India, being rich in solar power, has an excellent opportunity to derive significant returns from effectively harnessing this resource. Initiatives like the Convergence Project can aid India in producing more energy at lesser costs. Moreover, the project aligns well with the vision of the International Solar Alliance, an initiative driven by the Government of India.
