Solar energy solutions major Environ Energy Global Pvt Ltd has acquired the solar business of oil giant Shell for an undisclosed sum.
Deal funded through a syndicate of agencies; size not disclosed
KOLKATA: Solar energy solutions major Environ Energy Global Pvt Ltd has acquired the solar business of oil giant Shell for an undisclosed sum amidst competitive bidding from European and US companies.
Kolkata-based Environ Energy, a closely held company, has acquired two units of Shell Overseas Investments BV - Shell Solar India and Shell Solar Lanka — making it the largest and most experienced solar photovoltaic solutions company in the world.
The acquisition, which is being funded through a syndicate of international agencies, will bring in 450 engineers from the Shell outfit into the Indian company, taking the total to 600 engineers, apart from a presence spanning 40 offices globally. Environ Energy is also in active talks for acquisition of solar facilities in Europe and other parts of Asia.
Due to strict non-disclosure agreements with Shell, the company refused to divulge the price of the acquisition. IT Power UK has advised the group on the deal.
Jyoti Poddar, CEO, Environ Energy said, “The acquisition has catapulted us internationally and gives us an opportunity to pitchfork our efforts in countries like Philippines, Indonesia, Vietnam and Africa. We hope to clock a turnover of Rs 150 crore this year. The two units of Shell have brought in around Rs 75 crore, of which 60% has been from the Indian unit at Bangalore.”
Major international players in the renewable energy space include British Petroleum’s B P Solar, Sharp and Kyocera, but most of them offer limited engineering solutions, according to Poddar.
Environ Energy has been a pioneer in providing solar power in the country through innovative methods in the rural areas and households and also to institutions like schools, banks and government institutions.
Solar energy generation in the country is only around 40 MW per year today, but is estimated to have a potential of 5,000 MW. Even in a country like Germany, the capacity is 1,300 MW. The worldwide growth is around 35%.
“With coal linkage being difficult and thermal plants taking a year to start up, solar PV is a preferred choice for its non-dependence on any feedstock. The renewable energy commission has put a solar energy target of 55,000 MW by 2030,” said Poddar.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}