WHEB backs Green Energy Group

The value of the investment has not yet been disclosed. Equity was provided by WHEB's second fund, WHEB Ventures Private Equity Fund 2, which closed on €172m in 2010. The cleantech-focused vehicle usually commits €5-7m per investment.

WHEB believes that the company is likely to benefit from the increased demand for geothermal power, particularly in the developing world. GEG will use the fresh capital to complete its pilot plant, streamline its supply chain and start delivering power plants to its prospective customers.

Company
Established in 2008, GEG is a supplier of small-scale, containerised geothermal power plants. It is currently completing its first full-scale pilot power plant in the Kenyan Rift valley.

The Oslo-based business also has an office in Reykjavik, Iceland.

People
James McNaught-Davis led the deal for WHEB. Terje Laugerud is CEO of GEG.

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