Navigat secures backing from SCPE

Navigat Group Pte has received a $25 million investment from Standard Chartered Private Equity. This second round of equity investment was made in conjunction with a $270 million debt refinancing for Navigat where Standard Chartered Bank was advisor to the company and joint lead arranger with OCBC Bank.

PRESS RELEASE

Navigat Group Pte Ltd (“Navigat” or the “Company”), announced that it has recently received a US$25 million investment from Standard Chartered Private Equity (“SCPE”). This is the second investment made by Standard Chartered into Navigat, with the first investment of US$58 million having been made by the Standard Chartered IL&FS Asia Infrastructure Growth Fund (“SCI Asia”) in January 2012.

This second round of equity investment was made in conjunction with a US$270 million debt refinancing for Navigat where Standard Chartered Bank was advisor to the Company and joint lead arranger with OCBC Bank. The new equity and debt proceeds will be used to substantially accelerate Navigat’s growth plan to achieve 1,000MW of operating capacity by 2015.

“I am extremely pleased with the vote of confidence from SCPE’s second round of equity investment, and completion of the refinancing led by Standard Chartered and OCBC Bank,” said Mr Willi Goldschmidt, CEO and Founder of Navigat. “I would also like to express my sincere gratitude to Standard Chartered Bank for their continued support of our business aspirations.”

“With the support of Standard Chartered, Navigat has successfully transformed itself from being the leading GE Jenbacher engine retailer with a small power asset portfolio into a company that, in addition to its engine sales business, is primarily focused on developing, constructing, owning and operating gas-fired power plants.” said Mr Sebastiaan Sauren, COO and Co-Founder of Navigat. “The Company now has active operations throughout Indonesia, Thailand, Singapore and Myanmar, and with the additional capital we anticipate a rapid expansion of our power generation fleet in the next 24 months.”

Mr Arno Hendriks, CFO of Navigat, added, “Having a solid financial partner in Standard Chartered has been invaluable to us as it has given us the ability to exploit truly exceptional energy investment opportunities throughout South East Asia. We greatly value our close relationship with Standard Chartered and look forward to continue working closely with the Bank over the coming years as we expand our portfolio.”

“Navigat is a top tier developer of power plants and supplier of energy solutions and we are extremely pleased to have the opportunity to make this second round of investment to support the Company’s ambitious growth programme,” commented Mr Greg Karpinski, Co-Head of the Energy, Resources and Infrastructure team within SCPE that was responsible for making the equity investment. “Over the past two years, we have built a strong relationship with the Navigat team and have been impressed by the Company’s outstanding performance and the “Can Do” spirit of its talented team. By working together with our colleagues from the wholesale banking business, Standard Chartered was able to provide a comprehensive and innovative financing solution that will ensure the Company is well capitalised for the coming years.”

About Navigat
Navigat Group (“Navigat” or the “Company”) is Indonesia’s leading distributed power plant developer, owner and operator with 265MW of installed capacity and has other operations in Thailand and Myanmar. Navigat is also the second largest global distributor of General Electric (“GE) Jenbacher power equipment having sold over 1,000MW of units in South East Asia, with the distribution license for these products in Indonesia, Singapore and Thailand. The top holding company is incorporated in Singapore with the Company’s headquarters in Jakarta and substantially all its operations in Indonesia.
The Company’s main focus is the distributed gas to power market in South East Asia (“SEA”), and it typically pursues power projects of 5 – 100MW in size. Through its two major divisions, Navigat Energy (GE Jenbacher gas engine equipment sales and service) and MAXPower (IPP, BOOT and Rental projects), Navigat has the ability to fully exploit distributed power opportunities along the value chain from equipment sales, to services, to construction management, to project development and asset ownership.

About Standard Chartered Private Equity

Standard Chartered Private Equity (“SCPE”) is the private equity arm of Standard Chartered Bank. SCPE invests in companies in need of expansion capital or acquisition finance, and in management buy-outs. SCPE focuses on companies whose principal operations and management are located in Asia, Africa or the Middle East. It is an active partner that provides board-level strategic advice and access to the international network of Standard Chartered Bank.

Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world’s most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.
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For more information, please contact:

Arnold Hendriks
CFO
Navigat Group Pte Ltd
Tel: +62 811 9302771
Email: arno@navigat.com

Ally Lim
Senior Manager, Business Corporate Affairs
Standard Chartered Bank
Tel: +65 6596 9097
Email: Ally.Lim@sc.com