Section 4(8) in The Energy Conservation (Partial Risk Guarantee Fund for Energy Efficiency) Rules, 2016
(8)Each eligible project shall meet the following objectives, namely:-(a)seek to achieve demonstrable energy savings and mitigation in emissions of greenhouse gases;(b)propose a viable method to monitor and verify energy and greenhouse gas emission savings;(c)be a new project, not refinancing existing projects or any outstanding obligations of the eligible borrower;(d)use viable technology and be developed with competent energy audit or feasibility studies; and(e)project shall be implemented by Bureau empanelled energy service company on performance contracting mode, where there is a defined agreement which link payment to certain level of energy savings.
