EESL JV becomes fastest-growing Indian company in UK


PTI | New Delhi | Updated: 28-05-2020 17:29 IST | Created: 28-05-2020 17:29 IST
EESL JV becomes fastest-growing Indian company in UK
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State-run Energy Efficiency Services Ltd on Thursday said its joint venture EnergyPro Assets Ltd (EPAL) has been listed as the fastest growing Indian company in the UK in the 'India meets Britain Tracker 2020' by industry body CII and Grant Thornton. The JV between EESL and British impact focussed energy efficiency firm EnergyPro Asset Management Ltd (EPAM)) has grown at a rapid clip, further reaffirming India's role as a global energy efficiency pioneer, the state-run company said. The EPAL began its journey when EESL and EPAM joined together to acquire energy service company (ESCO) operations in the UK quickly followed by clinching a share in a grid-scale battery project in Canada. Since then, it has invested Rs 633 crore in the UK and has become a success story for Indian owned companies globally, the EESL said.

The JV emerged as the fastest-growing Indian company in the United Kingdom (UK) in the "India meets Britain Tracker 2020", developed by Confederation of Indian Industry (CII) and Grant Thornton, the state-run company said. The EPAL's watershed moment was in 2018 when it acquired Edina, UK's leading supplier, installer and maintenance provider for Combined, Heat and Power (CHP) solutions. Edina was the first-ever acquisition of an overseas company, by an entity administered under Ministry of Power, it added.

For the EESL, Edina has become a steadfast vehicle for technology and skill transfer from the UK to India. The acquisition has resulted in an active pipeline of 100 MW of trigeneration projects in India worth Rs 1,000 crore, which will support the country's need for more sustainable cooling solutions. The coronavirus pandemic-driven economic disruption has brought the energy transition into sharp focus. The government is working towards increasing the share of gas to 15 per cent in the energy mix, and gas-based CHP solutions will remain pivotal to this expansion. The overall unconstrained market size for co-gen and tri-gen solutions in India is currently pegged at 15 GW.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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