Trane india signs MOU with IDBI Bank for ICEEP
Trane India, an HVAC company, has signed a memorandum of understanding (MoU) with IDBI Bank Limited for the India Chiller Energy Efficiency Project (ICEEP).
ICEEP is a joint initiative by Indian government and World Bank to stimulate the accelerated replacement of existing CFC based (R11 and R12) centrifugal chilled water systems to new non-CFC (such as HCFC 123 or HFC 134a) centrifugal or screw chilled water systems.
IDBI is the project implementing entity for ICEEP. As per the MoU, ICEEP will provide financial incentives to replace about 370 chilled water systems during the life of the project from 2009 to 2013.
“Trane is committed to operating in a manner that protects our environment and benefits our clients. Working towards phasing out harmful refrigerants such as CFCs is one of our key sustainability initiatives,” said Rajesh Sikka, Business Leader for Trane in India.
He said that HCFC123 with its very low ozone depletion potential (ODP) and very low global warming potential (GWP) minimizes environmental impact and helps chillers achieve significantly higher energy efficiency and near zero leakage rates.
Under option 1, the chilled water system owner at the time of installation will receive an up-front grant subsidy of 20% of the cost of the new non-CFC centrifugal or screw chilled water systems. Alternatively, under option 2, beneficiaries are eligible to receive around 60% of Clean Development Mechanism (CDM) revenue annually. The sale of Certified Emission Reductions (CERs) from the new chillers will achieve actual energy savings and generate this ‘revenue’.