New Delhi, Jan. 3 -- State-runEnergy EfficiencyServices Ltd (EESL) has raised its first long-termrupee loanof Rs 500 crore, the undertaking announced on Tuesday.

The government ownedPunjab National Bank(PNB)-issued loan will be utilised to fund EESL's capital expenditure for its programmes such as the Street Lighting National Programme, Smart Meter National Programme, Solar Substation and e-mobility projects, a company statement said.

"The agreement for the seven-year loan was signed with a two-year moratorium, with the interest rate being linked to PNB's Marginal Cost of Fund-Based Lending Rate (MCLR), presently at 8.45 per cent per annum," it said.

Commenting on the development, EESL Managing Director Saurabh Kumar said in a statemen...