Global Environment Fund commits $11m to India's Concord
Global Environment Fund (GEF), the US-based cleantech-focused private equity firm, has invested $11 million in Indian wastewater treatment firm Concord Enviro Systems.
GEF made its investment through the South Asia Clean Energy Fund (SACEF), which it jointly sponsored with YES Bank. Concord will use the funds to add new products to its inventory and to expand its global presence.
Concord, founded in 1992, provides wastewater treatment and recycling systems for a wide range of industries, including pharmaceuticals, textiles, chemicals and automotive. The company employs 600 people at its operations in India, the United Arab Emirates, and Latin America.
Previous institutional investments in Concord include a $9 million commitment from Sage Capital Funds Management in 2009.
This is the first investment by GEF in an Indian water treatment company. The GP has made several investments in the country's cleantech sector in recent years, including a INR450 million ($7.4 million) commitment to water pump manufacturer Shakti Pumps and a $140 million commitment to ReNew Power Ventures, alongside Goldman Sachs and Asian Development Bank, both in 2014.
GEF Managing Director Raj Pai told the Economic Times that "Concord's products are at the core of GEF's investment philosophy of using differentiated technology to drive resource efficiency."
SACEF launched in 2008 with a target of $300 million. The fund announced a first close of $128 million in 2010. It seeks investment opportunities in South Asia projects that promote advances in energy efficiency and clean energy.
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