Union Minister of State For Power, Renewable Energy, Coal and Mines, Piyush Goyal will visit London this week and make a major announcement on the plans of state-run Energy Efficiency Services Ltd (EESL) to invest £100 million in UK over the next three years.
Speaking to EnergyInfraPost.com, MD, EESL, Saurabh Kumar confirmed the move and said the announcement will be made by the minister in London during his visit this week.
News agency PTI had earlier in the day reported on EESL’s £100 million investment plans in UK over a three year period and with an estimated annual revenue of £20-25 million after that.
Back home, EESL is implementing the government’s flagship project Unnat Jyoti by Affordable LEDs for All or UJALA under which it will replace 770 million inefficient lamps with efficient LED lights by 2019. UJALA, which is the world’s largest affordable lighting replacement programme, is being implemented by the EESL across 25 states and 7 UTs in India.
The UJALA project of the government has made LED bulbs and energy efficient appliances an affordable commodity for all. In the UK, EESL aims to promote and implement low-carbon, energy efficiency and renewable energy solutions in both public and private sectors.
As reported, EESL entered into a joint venture with EnergyPro Ltd, an advisory company in energy efficiency, and invested in EPAL, earlier a wholly-owned arm of the EnergyPro. EESL would route its investments through EPAL.
“EESL has already invested £7 million in the EPAL. We have 80% stake in this JV whereas the remaining stake is with our partner EnergyPro Ltd,” EESL managing director Saurabh Kumar told PTI.
“The EESL has decided to invest £100 million over the next three year. We have estimated an annual revenue of £20-25 million after this investment. At present, with £7 million investment in the EPAL, the revenues are estimated at £1 million per annum for the next 15 years.”
Kumar was further quoted as saying that the total accessible market for energy efficiency services in the UK is estimated at £6.4 billion by 2020. With an aim to unlock this potential, EESL has entered into a JV with EnergyPro and became a majority stakeholder in the EPAL, he said.
The JV is already handling seven different projects of energy efficiency including a community centre, school, hospital and golf course.
These institutions are part of big groups and chains of establishments, which would be prospective consumers of integrated energy efficiency solutions. Apart from providing energy efficient LED bulbs, the EESL would provide better solar and heating systems to reduce to the consumption of energy.