Industry

EESL acquires U.K. energy firm Edina for ₹493 crore

Saurabh Kumar.

Saurabh Kumar.  

Energy Efficiency Services Limited (EESL) has acquired Edina, a supplier, installer and maintenance provider for combined heat and power (CHP), gas and diesel power generation solutions in the U.K. for £55 million (₹493 crore).

The acquisition, a first-of-its-kind by an entity under the Ministry of Power, was made through EESL’s U.K. subsidiary, EnergyPro Assets Limited (EPAL).

“Leveraging Edina’s unique bespoke approach with our business models for scaling energy efficiency solutions across international borders, we are confident in the potential of this partnership to scale trigeneration technology adoption and to transform CHP market in India,” said Saurabh Kumar, MD, EESL and chairman, EPAL.

“The acquisition is an important strategic step in our continued efforts towards facilitating India’s energy security and sustainable energy supply.”

£100 million revenue

Edina, with more than 30 years of experience, commands 27% of the gas engine market share and has revenue of £100 million, EESL said.

On the one hand, EESL aims to tap into U.K.’s £6 billion (₹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, said a company statement.

EESL is implementing a global strategy and commitment to invest £150 million (₹1,343 crore) through EPAL into energy services business opportunities in the U.K., 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 U.K. for an enhanced ‘Energy for Growth’ Partnership between the two countries, the statement added.

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Printable version | Aug 9, 2020 11:56:54 PM | https://www.thehindu.com/business/Industry/eesl-acquires-uk-energy-firm-edina-for-493-crore/article23305072.ece

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