Foreign banks may fund UPs CFL project
Last Updated : 7/28/2008 5:01:19 AM
Source : Times of india
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After Indian entrepreneurs cracked the code of earning carbon credits simply by
replacing ubiquitous incandescent light bulbs with environment friendly Compact
Fluorescent Lamp (CFL) in households, foreign banks like AIG and Citi have
envinced an interest in investing in one such
project.
It involves
replacement of incandescent light bulbs in 12 million households of Uttar
Pradesh with CFL, which will earn 1.2 million carbon credits per annum. This is
expected to result in a power saving of 3.5 million
units/day. CantorCO2e India, which
has bagged the project, will supply CFL to UP households at Rs 10 a bulb, which
will be affordable as one CFL bulb costs about Rs. 100. While CantorCO2e will
invest about 15% of the total project cost of Rs. 120 crore, banks like AIG and
Citi are expected to invest the balance after the project is registered with
United Nations Framework Convention on Climate Change (UNFCCC), said
sources.
"The estimated power
saving on account of this project will be 3.5 million units per day. This is
equivalent to power generated from a 200mw plant, which costs roughly Rs 800
crore," said CantorCO2e India MD Ram Babu. Phoenix Lamps has been identified as
preferred partner to supply
CFLs.
In a bid to arrest any
kind of "leakage" a parlance used to describe a situation wherein
consumers sell the CFLs at a higher price in other states rather than use
them, the bulbs will be marked. Assistance is being sought by UP government
to come up with regulations to avoid any misuse on this front. The UP project is
similar to a lighting energy efficiency project implemented by Banyan
Environmental Innovations in AP and Chhatisgarh, which will cover 12 million
households.
Osram has launched
a clean development mechanism project based such energy saving lamps to be
distributed to 7 lakh households in Vishakhapatnam along with RWE, largest
German power generating company. |
