India’s EESL subsidiary buys UK based Edina for USD 76 mln
The managing director at EESL, Saurabh Kumar, has also said that this is the strategic step towards the continual efforts by EESL towards India’s sustainable energy supply and energy security.
Edina, a UK-Based power generation solutions, has been acquired by EESL EnergyPro Assets Ltd. EESL for Rs 493 crores ( USD 76 million)
The deal will provide a bigger market for the company for its energy efficiency products and services. In a press release, EESL said that this would help them to tap into a huge UK market of USD 8.4 billion. The company also look forward towards their combined heat and power technology offerings in the energy service contract model.
The Energy Efficiency Services has 80% stake in EESL EnergyPro and 20% stakes are with UK-based EnergyPro Assets Management Ltd.
Edina supplies, installs and maintains CHP diesel and gas power generation system and has it's headquartered in Manchester, England and it supplies. The company has £100 million of annual revenue.
Combined Heat and power systems are also known as Cogeneration systems that generate electricity and uses the waste heat at the same time. These systems have better efficiency then a single gas or coal-based power plant as the waste heat is also being utilized instead of dumping it into the atmosphere.
The managing director at EESL, Saurabh Kumar, has also said that this is the strategic step towards the continual efforts by EESL towards India's sustainable energy supply and energy security.
Also, the chief executive officer at EESL, Neelima Jain, has also said that projection of the UK's energy portfolio is subjected to grow in CHP technology and it would get doubled in 5 years, from 2015 to 2020. She has also indicated that UK market would be helpful for EESL to grow its regeneration capabilities.
As cogeneration is the method to use the heat and electricity from the same system, the tri-generation system reflects the combined cooling, heating and power (CCHP) are being generated from the single source.
The manufacturing base of Edina is at Northern Ireland.
Energy Efficiency Services facilitates implementation of energy efficiency projects and it was set up under the power ministry. NTPC Ltd, Power Finance Corporation, Rural Electrification Corporation, and Power Grid Corporation have been having made a joint venture which is Energy Efficiency Services.
The company foresees the investment of Rs 1,343 crore in the UK into energy services business opportunities through EESL EnergyPro Assets.