May 8, 2017: With the aim to penetrate UK’s 6.4-billion pounds energy efficiency services market, Energy Efficiency Services Ltd (EESL) will invest 100 million pounds in UK over the next three years. The total accessible market for energy efficiency services in the UK is estimated at 6.4 billion pounds by 2020.
EESL signed a joint venture with EnergyPro Ltd (EPAL), and invested in EPAL, earlier a wholly-owned arm of EnergyPro. EESL will route its funds through EPAL.
EESL has already invested 7 million pounds in the EPAL, and has 80% stake in the JV. EnergyPro Ltd has the remaining stake.
From the investment, EESL has estimated an annual revenue of 20-25 million pounds. With 7 million pounds investment in the EPAL, the estimated revenue will be 1 million per annum for the next 15 years.
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.
Under the JV, EESL will handle seven energy efficiency projects. Apart from providing LED bulbs, EESL will also provide solar systems to reduce energy consumption.
UJALA project in India is being implemented by EESL across the country. It is the world’s largest LED lighting replacement program that would replace 770 million inefficient lamps with efficient LED lights by 2019.
In the UK, EESL will implement low-carbon, energy efficiency and renewable energy solutions in both public and private sectors.