PNB extends Rs 5 billion loan to EESL

Energy Efficiency Services Limited (EESL) has raised its first long-term rupee loan for Rs 5 billion. The loan, issued by Punjab National Bank (PNB), will be utilised for funding capital expenditure of EESL’s flagship programmes including national street lighting and smart meter programmes, a solar substation project and the e-mobility project. The agreement for the seven-year loan was signed with a two-year moratorium period, with the interest rate being linked to PNB’s marginal cost of fund-based lending rate, presently at 8.45 per cent per annum.

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