EESL to invest £150 million in UK, Ireland this year
INDIAN energy firm Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power, will invest £150 million in the UK and Ireland markets in 2020 through its UK joint venture EnergyPro Assets Limited (EPAL).
The fresh investment will be focussed on decentralised energy systems that provide efficient power as well as heating and cooling.
“The investment will be on expanding the base for combined heat and power and ancillary services market (Short Term Operating Reserve) projects in the UK and Ireland, financing these projects, and expanding EDINA’s base in Australia,” a company statement said.
The EPAL recently emerged as the UK’s fastest-growing Indian company in the wake of its acquisition of Britain’s heat and power firm Edina.
“The formation of EPAL is a significant milestone in strengthening the UK-India partnership on climate change and energy transition,” said Saurabh Kumar, managing director of EESL.
“The strategy was to grow organically and EPAL acquired an EPC (engineering, procurement and construction) company in the UK working in clean energy looking at the emerging market for this in India. The acquisition has provided EESL an instrument to scale up the implementation of gas-based generation, cooling and provision of hot water.”
As part of EPAL, UK firm Edina said it plans to utilise its know-how in decentralised power infrastructure and technical innovation to offer smart solutions to meet the rising need for “robust” green power and cooling alternatives around the world.
“As the world moves towards more sustainable and resilient energy solutions, increased global collaboration will help build low carbon economies. The expertise of EPAL and mutual knowledge exchange have enabled Edina to hone its offerings further,” said Edina CEO Hugh Richmond.