Neelima Jain, CEO, EPAL and now Director, Commercial and Business Development, Edina, added: "The acquisition is an important development in bringing together the efforts of two companies that have achieved distinguishing competencies in their respective energy efficiency markets. This partnership has far-reaching implications on the global energy sustainability scenario, and for promoting low-carbon growth by industries in Europe and Asia. With CHP technology's contribution to the UK energy portfolio expected to double between 2015 and 2020, UK is a promising market for EESL to grow its own capabilities in the trigeneration sector."
Through the acquisition, EPAL has also acquired its first India-based trigeneration 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. Located in Skelmersdale, West Lancashire, England, the project aims to supply power to the UK national grid at times of peak demand while addressing shortages in electrical capacity at the company's own sites.
UK-based servicing opportunities with India-based clients, like Sterling & Wilson, will help EESL in its expansion plans. On the one hand, EESL aims to tap into UK's £6 billion (INR 53,782 crore) energy efficiency market, expanding the offering in the energy service contract model for CHP technology. On the other, EESL 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.
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."
EESL is implementing a global strategy and commitment to invest £150 million (INR 1,343 crore) through EPAL into energy services business opportunities in the UK, EU and North America between 2017 and 2019. EESL's investment plan takes forward the commitment made by Prime Minister Narendra Modi of India and Prime Minister Theresa May of the UK for an enhanced ‘Energy for Growth' Partnership between the two countries.
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