Power Minister Piyush Goyal will this week formally announce 100 million pounds investment to be made by state-run Energy Efficiency Service Ltd (EESL) in the UK. “On May 13, 2017, Piyush Goyal will launch and extend the EESL’s affordable lighting scheme – UJALA (UK Joins Affordable LEDs for All) to consumers in UK. The Minister will also formally announce the EESL’s investment of 100 million pounds in the UK over the next 3 years,” Power Ministry statement said. He will be visiting Austria and the United Kingdom from May 10-13 for an Energy Dialogue with both the countries.
The EESL investment is being made to create space in the 6.4billion pounds energy efficiency services market and to implement low-carbon, energy efficiency and renewable energy solutions in both public and private sectors. The company has already begun its operation in the UK by acquisition, worth 6.8 million pound, of two operating companies running energy savings performance agreements in education and leisure sectors.
The acquisition is effected by EPAL, a JV of EESL and EnergyPro Limited, an advisory company specialising in Energy Efficiency. Goyal will unveil EPAL’s branding during the event. The EESL will also formalise its collaboration with Cenergist to strengthen its LED pipeline. EESL will sign three MoUs with High Commission of India at London, Cenergist and Calvin Capital respectively.
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Indian Electrical and Electronics Manufacturers Association (IEEMA) will also sign a Memorandum of Understanding with British Electrotechnical & Allied Manufacturers’ Association (BEAMA). Goyal will participate in Investors Meet organised by industry body Ficci and Austrian Federal Economic Chamber (WKO) tomorrow.
Further, the Minister will deliver key note address at Vienna Energy Forum 2017 on Thursday, after which he will be have dialogue with Director General of UN Industrial Development Organisation (UNIDO) to explore prospects of better business opportunities in the energy sector.
Goyal will also participate in a Ministerial Panel Discussion on ‘2030 Development Agenda for Energy’, focusing on the SDG7: Energy Access, Energy Efficiency and Renewable Energy. He will also talk about International Solar Alliance and RE Invest on the occasion. Besides, he will participate in the UK-India Business Roundtable on Energy organised by Ficci and UK Trade & Investment (UKTI) in London on May 12. The Minister will also witness the listing of NTPC’s bonds at London Stock Exchange on the same day.
NTPC is a fairly regular issuer of Offshore medium-term notes (MTN). The current issuance is the second Masala Bonds offering by NTPC within a 12 months period. The first Masala Bonds issuance in August 2016 was for Rs 2,000 crore (USD 300 million) as is the current one (USD 310 million). Both the Masala Bonds are of 5 years tenor.
The latest Masala Bonds 2017, carry a coupon of 7.25 per cent payable annually with reoffer yield of 7.28 per cent (tightest yet by any Indian Issuer). The NTPC Masala Bonds would be the 1st MTN and 1st Masala Bonds to list on the new International Securities Market (ISM). The Minister will be accompanied by senior officers of the Ministry of Power on the 4-day tour.