Indian Chiller Energy Efficiency Project has been sanctioned US $6.3 million by the World Bank with the aim to cut down greenhouse gas emission and phase out the substances responsible for ozone depletion.
The components to the project are:
- Financial incentive to subsidise the cost of the replacement of centrifugal chillers; or an annual payment from a share of certified emission reductions to be generated from the actual energy savings achieved by the new chillers.
- An incentive for chiller manufacturers, suppliers and energy service companies (ESCOs).
- The CEEP will monitor data related to the power-output function of the old chiller to be replaced, electrical consumption of the new chiller, and cooling output in order to measure energy savings and emission reductions achieved.
- To support project readiness and sustainability, enhancing the understanding of the impact of decision to accelerate the phase-out of production of CFCs on the servicing sector, and strengthening the capacity of chiller owners and other stakeholders to monitor the performance of new chillers and to undertake refrigerant management.
- A Project Management Unit (PMU) will be established at a financial intermediary, namely the Industrial Development Bank of India (IDBI), and will be responsible for implementing all activities under the CEEP.