Indian engineering, procurement and construction (EPC) contractor Sterling and Wilson announced on Thursday that it has created a new business unit to offer solutions for hybrid power plants using energy storage.
The new entity is already holding advanced talks for its first projects in Africa and Europe, according to the announcement.
The Hybrid & Energy Storage business unit will be offering services such as project development, design and engineering, supply chain management, construction, commissioning, and operations and maintenance to customers that range from utility-scale and C&I project developers to independent power producers and public utilities. It plans to develop competency centers in target markets.
Deepak Thakur will be leading the new business as the CEO, while Vishwanathan Iyer, who has experience in solar business development in India, will be in charge of the firm’s global business development, marketing, and strategic activities.
Commenting on the news, Thakur said that the global hybrid and energy storage market is expected to reach USD 40 billion (EUR 32,4m) by 2025.