EnergyPro Asset Management is seeking £2m in equity funding as it bids to unlock the $12bn Indian energy efficiency market.
Led by Steve Fawkes, the firm will use the equity to convert its project pipeline and to create opportunities for UK firms seeking to enter the Indian market.
EnergyPro Asset Management (EPAM) operates a joint venture company with the Indian government’s Ministry of Power, called Energy Efficiency Services Limited, or EESL. Through EESL, it acquired UK combined heat and power firm Edina in 2018. It is using the acquisition to grow the CHP market in India via ‘as-a-service’ models, and simultaneously tap into the UK energy services market.
EnergyPro continues to identify opportunities for the Ministry, with the joint venture also backed by four state-owned energy companies. It claims a pipeline of 20 live opportunities, with Fawkes describing five as “well progressed.” The firm believes it can facilitate up to £500m of investment over the next five years.
To progress that pipeline, EPAM seeks £2m to build out its team and infrastructure. The firm indicated that investors may not have to wait long to realise returns, stating:
‘EPAM will continue to hold the existing investment in the joint venture [with the Indian government] until a contracted liquidity event occurs in March 2023, offering the opportunity for investors to see a strong return within the near term, driven by existing asset value.’
As part of the Paris Accord, India has committed to reduce carbon emission intensity by 33-35 per cent from 2005 levels by 2030. Alongside a major energy efficiency push, it is targeting a 30 per cent penetration of electric vehicles by 2030.
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