EESL’S UK SUBSIDIARY, EDINA, SIGNS INR 155 CRORE ORDER WITH STERLING & WILSON, INDIA’S LARGEST EPC SOLUTIONS PROVIDER
10th October 2018: Edina UK Ltd – the leading supplier, installer and maintenance provider for combined heat and power (CHP), gas, and diesel power generation solutions in the United Kingdom (UK) – that was acquired by Energy Efficiency Services Limited (EESL) and its UK subsidiary EnergyPro Assets Limited’s (EPAL) earlier this year has signed an agreement worth £17 million (INR 155 crore) with Sterling & Wilson Cogen Solutions Pvt Ltd. (SWCOGEN), a group company of Sterling & Wilson, India’s largest EPC solutions provider.
As part of the agreement, which has been enabled with EESL’s financial backing, Edina UK will requisition gas engines by MWM and generator units with 90 MWe capacity to support Sterling and Wilson’s ongoing effort to scale the market for Short Term Operating Reserves (STOR) in the UK. The engines and generators shall be provided by Edina by September 2019 and will enable Sterling and Wilson to build the market for independent power generation.
Commenting on the development, Mr Saurabh Kumar, Managing Director, EESL stated: “EESL strongly supports Sterling & Wilson’s global effort to promote STOR and is honoured that the company has once again chosen Edina as its trusted partner in this endeavor. This agreement reinforces the market’s faith in Edina’s superior technology and servicing capabilities, and validates our choice in this company as our partner for scaling the Indian and international trigeneration and CHP markets.”
Rajesh Shah, CEO –SWCOGEN said “ There is a growing demand for gas based power as one of the key alternate energy solutions today. We are delighted to partner with EESL to build Short Term Operating Reserves (STOR) in UK market which is one of our potential markets globally. This joint cooperation between the two companies will also address CHP opportunities in India. ”
The framework agreement for 90 MW between SWCOGEN UK branch and Edina UK follows the initial agreement in March 2018 when Edina agreed to supply SWCOGEN UK branch with gas generating units to develop capacity market projects for 20 MW of electrical power. The UK-based projects are aimed to supply power to the UK national grid for peak demand applications under the National Grid driven Capacity market program, where SWCOGEN will provide complete wrap EPC to its own group company investing in multiple sites.
EESL expects that UK-based servicing opportunities with India-based clients, like Sterling & Wilson, will help it scale the Indian and international trigeneration markets. Through the £55 million (INR 493 crore) acquisition of Edina – the first-of-its-kind venture by an entity under the Ministry of Power – EESL intended to bring CHP technology to India, providing an integrated service offering to industries that would include equipment maintenance, and electricity, heat and power supply at no upfront costs for technology installation.
EESL and Edina have received an encouraging response to their efforts to scale India’s trigeneration and CHP markets and expect to convert projects of INR 150 crores in the financial year 2018-19. EESL has a proven track record of forging new frontiers in global energy efficiency services markets. The company has taken its market transformation business models to the UK, South Asia and South-East Asia. Energy efficiency initiatives implemented by EESL have cumulatively led to energy savings of over 41 billion kWh and a reduction of over 32 million tonnes of greenhouse gas (GHG) emissions across the globe.
About EESL
Energy Efficiency Services Limited (EESL), under the administration of Ministry of Power, Government of India, is working towards mainstreaming energy efficiency and is implementing the world’s largest energy efficiency portfolio in the country. Driven by the mission of Enabling More – more transparency, more transformation, and more innovation, EESL aims to create market access for efficient and future ready transformative solutions that create a win-win situation for every stakeholder. By 2020, EESL seeks to be a US$ 1.5 billion (INR 10,000 crore) company.
EESL has pioneered innovative business approaches to successfully roll-out large-scale programs that allow for incentive alignment across the value chain and rapidly drive transformative impact. EESL aims to leverage this implementation experience and explore new opportunities in overseas market for diversification of its portfolio. As on date, EESL has begun its operations in UK, South Asia and South-East Asia.
