European firm taps into energy-saving business opportunity in India
A European engineering giant has highlighted the fact that the green sector is thriving by boosting its investment in the renewables sector with the acquisition of an Indian-based clean energy company.
Siemens Venture Capital (SVC) has purchased a share of Transparent Energy Systems, which specialises in waste heat recovery.
This is the 12th company in energy and environmental technologies in which SVC has acquired a stake, expanding its portfolio of such firms to more than 30 per cent of its businesses.
Commenting on the acquisition, Ralf Schnell, the chief executive officer of Siemens Venture Capital, said: "The field of energy and environmental technologies is highly attractive for venture capital investors."
He went on to add that "despite the difficult overall business environment, we will continue to see attractive growth rates in the area of green technologies".
India's investment in clean energy including biomass, small hydro and wind projects grew by 12 per cent in 2008, according to the Global Trends in Sustainable Energy Investment 2009 report.
