BusinessIndia

ENGIE to acquire controlling stake in Simpa Energy

Mumbai, Nov 14 (IEBusiness) ENGIE, the global energy services group, on Wednesday announced to have acquired a controlling stake in Simpa Energy India Pvt Ltd and is investing to fund geographic expansion and accelerate growth.

The move reinforces ENGIE’s commitment to decentralise renewable energy solutions globally and support India’s rapid transition to clean power, a company release said.

Simpa Energy India is one of the leading rural rooftop solar providers in India, selling solar home systems (SHS) to households and small businesses in rural areas of Uttar Pradesh, Bihar and Odisha.

Simpa offers its customers a unique value proposition by combining high-quality solar energy solutions, packaged with point-of-sale financing and doorstep after-sales service. Simpa’s rooftop solar packages include solar panels, batteries, bright LED lights and other energy efficient appliances such as fans and DC powered

satellite TVs. The company is also developing new solutions for energy efficient refrigeration and other income generating appliances for its customers.

Simpa pioneered the pay-as-you-go pricing model for rooftop solar with its patented IoT (Internet of Things) enabled SmartPanel technology and has already provided access to clean energy to over 250,000 people and is live on 50,000+ rural rooftops in over 5,000 villages across 21 districts and three Indian states.

‘Simpa’s customers are successfully using our systems, many a times in combination with the grid, to add reliability to their energy supply and also achieve cost savings,’ says Piyush Mathur, CEO of Simpa Energy India. ‘ENGIE and Simpa together have a unique opportunity to contribute to India’s agenda to bring clean, reliable and affordable 24×7 power to all.’

Under the terms of the transaction, ENGIE has purchased 90 per cent of Simpa Energy India from its parent company, Simpa Networks, Inc.

‘We created this company to pioneer a new business model that would deliver clean energy for rural families and entrepreneurs,’ said Paul Needham, Chairman and co-founder of Simpa Networks and Simpa

(Source UNI India)

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