Thursday, February 28, 2008

Granite Hacarmel to invest in Indian renewable energy projects

Granite Hacarmel Investments Ltd. has signed an memorandum of understanding (MOU) to participate in the setting up of a company that will invest in renewable energy projects in India. Granite Hacarmel will provide $6 million of the venture's initial investment of at least $20 million.

Granite Hacarmel CEO Ami Sagis told "Globes", "We decided to build on the company's strengths in areas complementary to our regular business, including energy and especially renewable energy. We've accumulated extensive experience in the water and energy industries in Israel."

Sagis added, "In India, there is a severe shortfall between energy needs and energy supply, which creates a great opportunity to enter this market, while utilizing Granite Harcarmel's capabilities."

Granite Hacarmel's cleantech business is carried out through subsidiary GES Global Environmental Solutions Ltd., which focuses on water technologies. GES is a partner in the Palmachim seawater desalination facility. Last week, it was reported that GES planned to increase its holding in UniqKleen Technologies Ltd., a start-up developing technologies for treating industrial effluent with magnets.

According to Sagis, "We'll invest in all renewable energy sectors, from cogeneration, wind farms, and pumped storage hydroelectric power. We think that expanding our holding in this field is the right thing to do worldwide, and in India in particular."