CESL begins empanelment for EV financing

Convergence Energy Services Limited (CESL), a wholly-owned subsidiary of the Energy Efficiency Services Limited, has invited expressions of interest (EoI) to empanel financial institutions which can finance electric vehicles (EVs). CESL will appoint authorised and certified financial institutions to provide the user with a financing solution for their preferred EV.

As per the tender guidelines, to participate in the bidding process, the bidding institutions must have at least five years of experience financing automobiles or electric vehicles in the transportation or auto sectors. Further, CESL has stated that 25 per cent of the tendered quantity has been reserved for micro and small enterprise (MSE) suppliers. Of this, 4 per cent has been earmarked for procurement by MSEs owned by Scheduled Caste and Scheduled Tribe entrepreneurs, and 3 per cent has been reserved for women-owned MSEs. If an MSE vendor participates in the tender and quotes within the lowest (L1) + 15 per cent price band, he will be authorised to supply 25 per cent of the need, subject to the L1 price being accepted.

In June 2021, CESL and the Administration of Union Territory (UT) of Ladakh signed a Memorandum of Understanding (MoU) to make Ladakh clean and green. Under this MoU, various clean energy and energy efficiency programmes would be implemented and CESL would execute solar mini, micro-grid solutions, energy efficient lighting, battery storage solutions, energy efficient cooking stoves, and electric mobility solutions in the UT of Ladakh. Further, a pilot project had to be installed in the Zanskar valley area.