India-based EPC firm Sterling and Wilson has forayed into hybrid power plants and energy storage solutions and is already in advanced discussions for its first such projects in Africa and Europe.
To date, the company, which is targeting 1GWh of global hybrid deployment, has worked on EPC for a cumulative portfolio of 8GW of capacity encompassing co-generation CHP and gas-based power, solar and diesel-powered generators.
Sterling and Wilson has appointed Deepak Thakur as CEO of its Hybrid & Energy Storage Business. The company has also appointed Vishwanathan Iyer to lead the global business development, marketing and strategic activities for the new unit, having previously spearheaded S&W’s Solar Business Development unit in India.
Thakur said: “The global hybrid and energy storage market is estimated to be around US$40 billion by 2025. As one of the leading turnkey solution providers in the world, with project management, engineering and delivery expertise of over 8GW of diversified energy offerings across geographies, we are confident of providing our customers value for money through customised hybrid power plants and energy storage facilities.”
Vish Iyer added: “Sterling and Wilson is making a timely foray into this space, riding on the 'energy storage' wave, which appears to be the future. Every major grid with large amounts of renewable energy penetration across the globe is talking about the need for energy storage. This is happening in developed economies first because they have sophisticated grid and power tariff management systems, which allow them to make the best use of storage as a dispatch asset, while some emerging economies are warming up quickly to the concept as well.”
The firm will offer the application of energy storage across centralized fossil and renewable energy plants, data centres, C&I segments and remote locations, offering project development, EPC and O&M services.
From being a predominantly India focused company in 2010, Sterling and Wilson now operates across the Middle East, Africa, Australia and Europe. In the current year, the company is expanding to the USA and South America.