Silver Lake does first China cleantech deal with Nobao Renewable Energy
Tech-focused PE firm Silver Lake has made its first foray into China’s cleantech sector, investing in Shanghai-based Nobao Renewable Energy Holdings for an undisclosed amount.
Nobao focuses on clean energy management and efficiency technologies, specifically using geothermal technology that heats, cools and supplies hot water to commercial and residential buildings. Its processes claim to use 50-70% less energy than traditional fuel- and electricity-based systems.
"This is not the first cleantech opportunity we've looked at in China and worldwide, but this is compelling and fits our investment philosophy," Silver Lake Managing Director Eric Chen told AVCJ. "There is a very compelling growth market in China, and China has also strategically focused on the greentech sector for its future. A sizable and growing market opportunity already exists for a company like Nobao."
Chen did not elaborate on whether Silver Lake would be making more cleantech investments in China. Tsing Capital previously invested $25 million in Nobao in August 2009, in its first funding round.
In June, Nobao announced that it had shelved its plans to launch an IPO on the New York Stock Exchange due to market conditions. The company had submitted its IPO filings in April in hopes of raising $300 million, according to reports, with its American Depositary Shares slated to sell for $8-10 apiece.
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