ADB grants $200 million to EESL

The Asian Development Bank (ADB) has granted a loan of $200 million to Energy Efficiency Services Limited (EESL) to finance energy efficient lights and water pumps in India. EESL will provide loans to municipalities for installing LED streetlights and bulbs, tube lights, electric fans, and water pumps. The loan has been granted using ADB’s ordinary capital resources and will have a 20-year tenor, including a grace period of five years, at an annual interest rate determined in accordance with ADB’s London Interbank Offered Rate (LIBOR)-based lending facility.