Esco Partners invests €20m in photovoltaic panels and cogeneration units

Athens 05.05.2022
“Esco Partners invests €20m in photovoltaic panels and cogeneration units”

The private equity firm, Sirec Energy Capital Partners S.A, who invest in environmental sustainability projects, and MES Energy S.A, a subsidiary of Mesogios Group, who have expertise in energy saving solutions (ESS) and renewable energy sources (RES), have jointly established ESCO PARTNERS S.A in order to develop photovoltaic panel systems using net metering for industrial and commercial applications for immediate energy consumption and zero transmission waste.

In addition, ESCO PARTNERS is set to develop alternative systems for the cogeneration of electricity and power (Cogeneration of Heat and Power, or CHP) for industrials. In the CHP systems the fuel consumed generates additional energy in the form of water or steam and is redistributed through the power grids or kept in the local facility through net metering.

The usage of Net Metering, as stipulated by Greek and European regulatory frameworks, ensures that the energy produced through CHP systems/RES covers the requirements of local facilities first, with excess supply then going to wider energy grids for future consumption. The user offsets the energy produced and consumed with the energy provider. In this way energy optimisation is achieved through CHP systems and renewable energy sources developed by ESCO PARTNERS.

ESCO PARTNERS is currently in discussions with large organisations to develop these systems for industrials, commercial spaces, warehouses, and large retailers.

The company is providing end-to-end solutions that include design, licencing and installation of the systems in less than twelve months. In addition, the company undertakes the maintenance and service of the systems throughout the full operating time.

Moreover, ESCO PARTNERS offers financing for the above services. For this reason, the company has secured €20m to cover the financing of the investments whilst generating revenue from energy sales.

The strategic plan includes development and generation of 30 megawatts (MW) over the next three years.

High energy prices and the need for clean energy solutions make CHP and Photovoltaic panel systems an excellent choice. Photovoltaic panels have two major advantages:

a) does not require additional land allocation
b) energy can be generated where it is consumed, avoiding energy wastage during transit, leading to major financial benefits.

The Managing Director of MES, Kostis Terzis commented:

ESCO PARNTERS secures the capital for the development of innovative sustainable energy projects that are critical to the generation of cost-effective green energy.

The Chairman of SECP, Dionissis Alissandratos commented:

The investment capital provides us with the flexibility and agility to support the development of innovative and environmentally friendly projects and provide solutions for major environmental issues, like the production of low-cost energy that will in turn generate higher yields to long term investors.

About MES S.A

MES S.A is a subsidiary of Mesogios Group, who have expertise in the development and construction of renewable energy sources and efficiency systems. The company has managed over 500 MW of green energy systems over the last years whilst managing projects totalling 35 MW. Construction in renewable energy and efficiency projects exceeds 30 MW.

About Sirec Energy Capital Partners

Sirec Energy is an independent Private Equity Firm, managing the European Sustainable Investment Fund (EUSIF) with €50m assets under management and a focus on investing in environmental sustainability and energy efficiency projects.

Since its establishment in 2021, the team has managed projects more than €400m in energy efficiency and renewable energy production across seven European countries.