The Ministry of Power, India administered Energy Efficiency Services Limited (EESL) has announced the appointment of Mahua Acharya to lead its new energy company Convergence Energy Services Limited.
As the name suggests, the new entity will focus on amalgamation of energy solutions that lie at the confluence of renewable energy, electric mobility and climate change. EESL says Convergence Energy will build upon the decentralized solar development experience in under-served rural communities in India and will add battery storage overtime to power agricultural pumps, street lighting, domestic lighting and cooking appliances in a rural setting.
Acharya has been roped in to employ effective business models that utilize a blend of concessionary and commercial capital, carbon finance and grants leveraging her global experience in the fields of green finance, renewables and carbon markets.
Till recently, Acharya was the assistant director-general of Seoul headquartered intergovernmental organization Global Green Growth Institute to build green finance practices. It also managed Mergers and Acquisitions at ArcelorMittal in London. For 2 years she also worked as carbon finance specialist with the World Bank.
"I have spent my career thus far straddling both international public sector and the private sector, and would now like to utilize my experience, skills and networks to enable large scale transformative impact in India," said Acharya. "EESL is perfectly placed to enable the next generation of clean energy solutions and I am delighted to be working on this new venture with them."
Recently, EESL signed a memorandum of understanding (MoU) with the Department of New and Renewable Energy (DNRE), Goa to carry out feasibility studies to implement 100 MW of decentralized ground mounted solar power projects on government land for agricultural use as the country's 1st convergence project (see India PV News Snippets: MCGM, RE-Invest 2020, EESL, Adani).
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