Edina has been purchased by EPAL, a joint venture between India’s EESL (Energy Efficiency Services Ltd) and UK based EnergyPro Asset Management Ltd.
The deal, for an undisclosed figure, will give the new owners a platform for growth in both the UK and overseas and promises more jobs and further investment.
Edina supplies, installs and maintains CHP, gas and diesel power generation systems. It employs 200 people across its UK headquarters in Manchester and manufacturing base in Lisburn, Northern Ireland, and provides work for 400 contractors. Edina also has a small operation in Australia.
EESL is the world’s largest public energy services company, owned by the Indian Public Service Undertaking which includes National Thermal Power Corporation, Rural Electrification Corporation, Power Finance Corporation & Power Grid Corporation. The four organisations have a combined market capitalisation of more than $30 billion.
EnergyPro Asset Management Ltd is a UK based company which aims to accelerate investment into energy and resource efficiency. Its work includes acquiring assets and projects, incubating new ventures, providing consultancy services and building programmes to speed up investment into energy and resource efficiency. As a joint venture, EPAL also owns ESCO operations in the UK and a share in a grid-scale battery project in Canada.
Edina’s new chairman is Saurabh Kumar, Managing Director of EESL and Chairman of EPAL. An electrical engineer from Indian Institute of Technology (IIT) Kanpur, he served the UN on deputation handling environmental issues in the Asia-pacific region. He has been with the Union Ministry of Power for close to 15 years and has been leading EESL in successfully implementing energy efficiency projects.
Commenting on the acquisition Saurabh Kumar stated:
We are excited about this new venture and about harnessing the capabilities of a company that has a long history of successfully implementing combined heat and power technology. Leveraging Edina’s unique bespoke approach with our proven, innovative business models for scaling energy efficiency solutions across international borders, we are confident in the potential of this partnership to scale trigeneration technology adoption and to transform CHP market in India. The acquisition is therefore also an important strategic step in our continued efforts towards facilitating India’s energy security and sustainable energy supply.
Neelima Jain, CEO, EPAL, who now takes over as Director, Commercial & BD in Edina, added:
The acquisition is an important development in bringing together the efforts of two companies that have achieved distinguishing competencies in their respective energy efficiency markets. This partnership has far-reaching implications on the global energy sustainability scenario, and for promoting low-carbon growth by industries in Europe and Asia. With CHP technology’s contribution to the UK energy portfolio expected to double between 2015 and 2020, UK is a promising market for EESL to grow its own capabilities in the trigeneration sector.
Delvin Lane, who boasts an impressive track record in the energy sector, moves from EPAL to become Edina’s new CEO. He has held senior management roles at EDF, Centrica, Anesco and EnergyPro Asset Management.
Tony Fenton, Joint Managing Director, Edina stated:
We are looking forward to this new chapter in our growth story, of replicating our success in new markets while leveraging EESL’s experience across the globe. The opportunities in a vibrant and dynamic economy like India’s are particularly attractive for us, and we’d like to be able to introduce Indian industry to the benefits of CHP and our unique service offering.
The deal’s professional advisors included KPMG, Bowline Capital Finance, Lux Nova and Verco Global.