Syska LED has won a tender by public sector entity Convergence Energy Services Ltd (CESL) to supply LEDs for homes in rural India based on carbon finance. As part of the agreement, CESL will procure 70 lakh 12 watts LED lamps and 30 lakh 7-watt lamps. Both Syska and CESL will share 50% of the cost and the balance 50% of revenue from the sale of carbon credits.
“I hope to see more private players participate with government to work together for the common goal of climate change mitigation,” said CESL’s Chief Executive Officer Mahua Acharya.
The Gram Ujala programme has been designed to support widespread distribution for rural consumers. Energy savings from the use of efficient lights will reduce households’ energy bills while enabling higher disposable income and savings. Carbon revenues are the only way the programme is made sustainable.
“As a leading brand of India, Syska is pleased to find mechanisms that enable private sector players to join hands towards larger common objectives such as energy conservation, climate change mitigation,” said Syska LED’s Director Rajesh Uttamchandani.
CESL is a newly-established company taking the lead in delivering clean, affordable and reliable energy supply. It is focusing on energy solutions that lie at the confluence of renewable energy, electric mobility, and climate change by using innovative financial models. It will also prepare, monetise and hold carbon assets arising from clean energy generation, battery energy storage and energy efficiency.
