Enabling EESL’s entry into the UK

An investment partnership delivering investment into the UK and opportunities for UK-based companies in the Indian market.

Our client

Energy Efficiency Services Ltd, EESL, the world’s largest public ESCO under the sponsorship of the Indian Ministry of Power.



In 2016 EESL approached ep group to identify opportunities to invest in UK companies that would support their ambitions of diversification and finding technologies that could be used to support the Indian energy transition.


We rapidly identified options for EESL matching their risk profile and ambitions. This led to a £60m investment over 18 months including:

  • Acquisition of two UK energy efficiency project companies
  • A stake in a grid scale battery project in Canada
  • Acquisition of Edina, a leading provider of Combined Heat & Power, Trigeneration and distributed generation solutions


The partnership increased EESL’s revenues and international footprint, and has helped build capacity in India to offer trigeneration solutions. EESL is now selling financed trigeneration solutions in India, helping to address the need for more sustainable cooling.


EESL and ep group continue to grow the partnership and are working on the development of ‘Convergence’ projects in India that combine distributed solar, batteries and a range of energy efficiency solutions into an ‘energy as a service’ model. 

Desired outcomes

Supporting EESL’s ambitions to acquire energy transition solutions for deployment in the Indian energy transition.

The challenge?

Identifying technologies and companies that matched EESL’s requirements. Developing an effective cross-border partnership.

How did we help?

We used our extensive networks and knowledge of the UK energy market to identify potential investments and screened them through EESL’s criteria. Through our network we identified an off-market opportunity. We then used our M&A experience to manage the transaction through due diligence to execution. We then assisted in the integration. Steven Fawkes sits on the boards of the JV and Edina.

What are the benefits?

EESL achieved its objectives of diversification and acquiring new technologies that can be used in the Indian energy transition.

In 2020 EESL’s joint venture with ep asset management was named as the fastest-growing Indian company in the UK in the “India meets Britain Tracker 2020”, developed by Confederation of Indian Industry and Grant Thornton.


“Our entry into the UK market and our success to date, including having EPAL named as the fastest growing Indian company in the UK in 2020, would not have been possible without our partnership with EnergyPro.  With them we will continue to grow EPAL and develop other opportunities in the UK and India.” ​

​Mr Saurabh Kumar​, Executive Vice Chairman, ​Energy Efficiency Services Ltd

Our team

Leo is a former army officer, civil engineer, and seasoned financier, with a specialist interest in sustainability and the delivery of social goals alongside financial ones. Leo’s conviction is garnered from pathfinding roles in military engineering, disaster relief, regeneration, and impact investing, where he has witnessed the power of collective ambition. 

Matt is a public speaker and a lifelong sustainability practitioner in the net zero and circular economy, with experience working in both corporates and SMEs. He built a sustainability and energy services business for a FTSE100 to deliver energy efficiency, renewables, and resource recovery projects for a variety of public and private sector clients. He was involved in putting the Zero Waste concept into practice in New Zealand in the 1990’s and from his first job with Greenpeace, he has maintained a passion for sustainability with a goal of making it mainstream. 

Steve is an author, public speaker, and global pioneer, driven in the pursuit of net zero and a regenerative economy. Steve has had significant impact on the energy transition in the UK and beyond with his work with corporates, investors, public sector bodies and governments. Steve is committed to implementing strong leadership and governance based on equitable and ethical business principles. 

Contact us to learn more about the investment ​opportunities, new technologies and ​business models in the evolving European and Indian energy efficiency markets.