New Delhi, Nov 18 (PTI) State-run EESL on Thursday said it will partner private sector energy service companies to scale up its Building Energy Efficiency Programme (BEEP).

In a statement, Energy Efficiency Services Limited (EESL) said "it is developing business models for collaborating with private sector Energy Service Companies (ESCOs) and broadening its service offerings in the BEEP, in view of the huge market potential in the country."

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BEEP is being implemented since 2017 and so far EESL has invested around Rs 350 crore in the programme.

Around 11,000 buildings have been covered under this programme through the retrofitting of inefficient appliances with energy-efficient products like LED lights, EE fans, and super-efficient air conditioners, the company said.

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EESL Chief Executive Officer (CEO) Arun Kumar Mishra said the partnership with private sector ESCOs is integral to its vision of scaling up BEEP's scope and enhancing the country's energy efficiency portfolio.

Ashok Sarkar, Senior Energy Specialist, World Bank, said, "The energy efficiency market in India is estimated to be around USD 10 billion. So far, the contribution of ESCOs has been very small. When it comes to achieving climate actions goals like net-zero by 2070, we need at least 60 times more private investment globally than what we have today."

"Private sector ESCO support is the key. EESL has done wonderfully well in the past five years; we can make it even better by working with smaller ESCOs," Sarkar added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)