By IANS
Kolkata : Environment Energy-Tech Service Limited (EESL), a Kolkata-based solar engineering solution provider, has taken over the solar business units of Shell Overseas Investments B.V. in India and Sri Lanka.
“We think this acquisition would be significant to expand our operations, which will benefit a large section of the population in India and Sri Lanka and strengthen the renewable energy network in both countries,” EESL managing director Joyti Poddar told a press conference here Thursday.
The recent acquisition, which was formalised Oct 26, makes EESL the largest solar photovoltaic solution providing company globally with a team of 600-strong skilled work-force and 40 offices across the world.
He said the company would be formed under a new banner name, Bhaskar, and would target to double its business from Rs.750 million annually with production of 25 MW solar energy by next one year.
Poddar said the company was also looking at two fresh acquisitions very shortly – one in Europe and another in Asia.
“About 25 percent of the acquisition cost would be carried out by the company from its venture capital and the rest would be taken from some European banks,” he said, adding that EESL will also set up a solar-panel manufacturing unit in West Bengal.
“Keeping in mind the growth of solar power, we are targeting to supply this clean energy solution to developed countries in Europe and the US. In India the overall solar power available is just 40 MW while in Germany this figure is 1,300 MW with a business opportunity of $2 billion annually,” he said.
Globally, the growth of solar photovoltaic energy is about 35 percent per annum and India has a huge potential to produce 5,000 MW of solar energy annually.
“The company’s international operation in Sri Lanka will pitchfork its efforts to expand to other countries like Vietnam, Indonesia and the Philippines, besides countries of Africa and Europe,” Poddar said.