A positive outlook for Ireland's 'green business' sector has been forecast.

BVP Investments - which itself is an investor in green enterprises, such as Wavebob and Biomass Heating Solutions - said its prediction is based on analysis of projected growth in the sector throughout 2010.

The current performance of Ireland’s green sector is generating optimism among investors that significant growth levels can be achieved in the next five years, the company said.

BVP has already invested €2.5m in five Irish businesses in the last two years and, with three more high potential start-ups in the pipeline, it is set to invest an additional €3m over the next two years.

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Elliott Griffin, of BVP, said: "Over the past two years we have invested in a diverse range of green businesses and we are already seeing the many positive results which have flowed from our investments.

"There’s no doubt that with the right investment behind it the green sector has the potential to lead Ireland's economic recovery over the coming years."

The firm has launched its third fund with a target fund of €3m.

BVP's Simple.ie Green BES fund has helped a number green businesses in Ireland achieve their ambitions, including Wavebob, a company developing wave energy conversion technology; Biomass Heating Solutions; EFT Control Systems; Celtic Bioenergy, formerly known as Celtic Composting, and a leader in the biological treatment of municipal waste.

(PR/BMcC)