India Jaipur Municipal Corporation (JMC) signed a Memorandum of Understanding (MoU) with ESCO Company to upgrade 70,000 or one third of its 197,000 traditional road lights to LED lights, according to a report from the Hindustan Times.

Under the MoU, 15,000 streetlights will be replaced by LED lights before March 2015, said JMC mayor Nirmal Nahata. More installments to follow afterwards.

“The project is based on a public-private partnership (PPP) where the contract with the company is signed for 10 years. The company in a year will replace 70,000 sodium and tube lights with required watts of LED lights, which are regulated by JMC,” he said.

The project is expected to cut short electricity bills by 77.13%, the mayor said. “Of the total share of saved electricity, 30.06% will go to JMC and rest 70% to the company. With the installation of these lights, Rs. 600 million (US $9.47 million) will be saved in 10 years,” he added.

The company will monitor the lights for 10 years before handling them over to JMC.

As for the removed old streetlights, JMC plans to install them at the outer areas of the city, where there’s no streetlights available.