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Energy Efficiency Services Limited (EESL) acquired a UK based power generation solution provider Edina in a deal worth 55 million euro. EESL, which is a joint venture of four power sector PSUs, made the acquisition through its UK subsidiary, EnergyPro Assets Limited (EPAL).
EESL is implementing a global strategy and commitment to invest £150 million (Rs 13.43 billion) through EPAL into energy services business opportunities in the UK, EU and North America between 2017 and 2019, said a public statement by the company.
Through the acquisition, EPAL has also acquired its first India-based tri-generation (heat, gas & diesel based power solutions) client. Edina has agreed to service Sterling & Wilson UK Ltd, the UK subsidiary of Sterling & Wilson India, to develop Short Term Operational Reserve (STOR) by supplying gas generating units that will provide 26MW of electrical power in India.
“We are confident in the potential of this partnership to scale trigeneration technology adoption and to transform CHP market in India. The acquisition is therefore also an important strategic step in our continued efforts towards facilitating India’s energy security and sustainable energy supply,” Said Saurav Kumar, managing director, EESL.
Edina is recognised as the market leader in the UK in gas engines, commanding 27% of the market share. Edina is the sole distributor of MWM gas engines in the UK and Ireland, and of Perkins diesel engines in Ireland.
EESL also aims to tap into UK’s £6 billion (Rs 537.82 billion) energy efficiency market, expanding the offering in the energy service contract model for CHP technology. On the other hand, EESL also intends to bring CHP technology to India, providing an integrated service offering to industries that would enable them to receive equipment maintenance, electricity, heat and power at no upfront costs for technology installation, said the company.
Tony Fenton, Joint Managing Director, Edina stated: “We are looking forward to this new chapter in our growth story, of replicating our success in new markets while leveraging EESL’s experience across the globe. The opportunities in a vibrant and dynamic economy like India’s are particularly attractive for us, and we’d like to be able to introduce Indian industry to the benefits of CHP and our unique service offering.”
