Silver Lake, a private equity firm based in California, has invested in Nobao Renewable Energy Holdings, a Chinese energy efficiency company. The financial details of the deal were not revealed.
(Reuters) – Private equity firm Silver Lake has invested in a Chinese energy efficiency firm Nobao Renewable Energy Holdings, seizing growth opportunities in China’s booming green sector.
Silver Lake’s investment in Nobao marks the company’s first in the Chinese clean technology industry, the company’s managing director said in a statement.
“Increasing demand for clean technology, and the Chinese government’s focus on a greener economic future, we are optimistic about Nobao’s prospects and believe that the company is well-positioned to continue its impressive growth,” he said.
The Shanghai-based provider of energy efficiency technologies taps geothermal technology which can be used in power heating and cooling and hot water supply systems in commercial and residential buildings.
Silver Lake said Nobao’s fully-integrated geothermal technology typically can save up to 70 percent of energy consumption compared to conventional fuel- and electricity-based systems.
(Reporting by Leonora Walet; Editing by Jacqueline Wong)