International Finance

EnergyPro to raise $2.5 mn to foray into India’s energy market

EnergyPro India

UK-based asset management, EnergyPro Asset Management is foraying into India’s energy efficiency market, a media report said. The company is set to raise $2.5 million in equity funding.

India is a prime market for energy efficiency programmes. Recently, Energy Efficiency Services invited bids for the selection of strategic partners in the UAE. Energy Efficiency Services is an energy service company of the Government of India. It is also the world’s largest public Energy Service Company (ESCO).

The Assam Hydrocarbon and Energy Company Limited (AHECL) has signed a Memorandum of Understanding (MoU) with Energy Efficiency Services, media reports said.

According to Assam Additional Chief Secretary & Managing Director of AHECL VS Bhaskar, it is vital to implement energy projects across the State of Assam. These energy projects will play a critical role in reducing carbon footprint and fighting against global warming.

In fact, AHECL has sought approval for 10 percent participating interest in Oil India Limited (OIL), media reports said. The state government said, “While the APL delegation requested the Union Minister for sanction of a subsidy from the Central government in line with the feedstock subsidy, which has been sanctioned to BCPL recently as per decision of the Cabinet Committee on Economic Affairs. On the other hand, the delegation of Assam Hydrocarbon and Energy Company Limited (AHECL) requested the Union Minister for approval of 10 percent participating interest in OIL as a measure to make the PSU more viable.”

In line with the Paris agreement, India has committed to reduce 33.5 percent carbon emissions intensity by 2030.

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