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Home News Power Sector News Enzen Global Solutions acquires Luminous Renewable Energy Solutions for Rs 12.6 cr

Enzen Global Solutions acquires Luminous Renewable Energy Solutions for Rs 12.6 cr

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EnzenEnzen Global Solutions, an energy-utility systems integrator and advisory, has acquired Pune-based wind turbine manufacturer Luminous Renewable Energy Solutions for about Rs 12.6 crore ($2 million), eyeing a huge potential market in India's many villages that still do not have regular access to electricity. Luminous makes small wind and solar hybrid electricity systems, adopted from a USpatented technology that can be installed on roof tops as well as in irregular terrain such as coastal areas.

This is the first acquisition for Bengalurubased Enzen, which has set aside Rs 120 crore for three to five acquisitions this year.

"We have 330 million unelectrified consumers in India. Many villages in Karnataka alone, do not get sustained and promised access to electricity," said Satheesh Kumar, chairman and managing director of Enzen Global Solutions. "Our goal is to embed modern technologies in the power distribution space, to make it available, affordable and most importantly sustainable."

Enzen has raised around $50 million so far from US-based private equity firm KKR. Luminous, the eight-year-old subsidiary of Delhi-based Luminous Power Technologies, makes miniature windmill-like systems that produce electricity for close to 17 hours a day because of its hybrid solar and wind energy model. That's almost triple the supply time from solar energy alone, and double from wind. Luminous Renewable declined to comment on the acquisition.

More than 50% of rural India does not have access to electricity, according to various estimates. Overall, India in the past few decades has seen a significant hike in the demand for power, due to rapid population growth, industrialisation and urbanisation. Potential markets are massive when it comes to power generation, transmission and distribution in India, running into billions of dollars, said Shyam Menon, investment director at cleantech investment fund Infuse Ventures.

"Five years ago, there was only one option — to buy power from the grid. But over the last few years, power purchase can be done from the power exchange, inter-state and intrastate group captives, sometimes even set up affordable power plants," said Menon, some of whose portfolio startups are working on pilot projects with Enzen, a 10-year-old company that has a revenue runrate of Rs 6-8 crore. "This is a viable business, and it is much easier for a large company to adopt the decentralised model," said Menon.

Source- ET

 

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