PE Firms Invest $425 Million into Asian Genco

Asian Genco, an Indian infrastructure company with investments in power generation assets and in engineering services businesses, has raised $425 million in private equity funding. Backers include General Atlantic, Stanley Infrastructure Partners, Goldman Sachs, Norwest Venture Partners, Everstone Capital and PTC India Financial Services. Read more…

 

PRESS RELEASE

General Atlantic LLC (“GA”), a leading global growth equity firm, today announced that it has taken a significant equity position in Asian Genco Pte Ltd (AGPL), an infrastructure company which has investments in power generation assets in India and in engineering services businesses. GA has made its investment as part of a $425 million investment by a consortium of investors, with the goal of creating AGPL as one of the leading power generation platforms in India. The funding will help AGPL to bring its existing power projects under construction to fruition and develop the organizational infrastructure to rapidly add new clean, renewable energy projects as a high-growth leader in the region. 

By 2012, AGPL aims to be one of the largest non-family owned, private power company in India with more than 1350 MW of operational power assets and a development pipeline of over 10,000 MW of capacity. To date, AGPL has invested in a portfolio of hydro, thermal and non-conventional generation assets for an aggregate capacity of nearly 4,000 MW under development, much of which is in the form of clean, renewable energy assets.  These assets include the largest hydro project being implemented in the private sector in India (Teesta III, with 1,200 MW of capacity) and a coal-fired supercritical thermal project in the state of Andhra Pradesh (Bhavanapadu with 1,320 MW of capacity). This new infusion of capital will enable AGPL to complete its current pipeline of projects and develop new projects.

Ranjit Pandit, Managing Director at General Atlantic, said, “Given its focus on renewable energy in a region with an enormous need for power, AGPL, represents an excellent platform for building a world-class company. In addition to providing the capital to fund AGPL’s growth, we will work closely to build AGPL’s management team to accelerate the growth of AGPL’s power generation assets across India and explore additional opportunities in renewable energy.”

AGPL is GA’s second investment in the Energy & Resources sector globally and its first investment in this sector in India.  GA’s investment in AGPL is part of a $425 million commitment from a consortium of global investors that also includes Morgan Stanley Infrastructure Partners (MSIP), Goldman Sachs, Norwest Venture Partners (NVP), Everstone Capital and PTC India Financial Services (“PFS”).

Founded in 1980, GA has a strong history of identifying, investing in and supporting growth companies in a number of sectors and global markets.  With a target investment size between $50 million and $500 million, GA manages approximately $15 billion and invests between $1.0 billion and $2.5 billion per year in growth opportunities globally.

About Asian Genco Pte Ltd
Asian Genco Pte Ltd is an infrastructure development company with investments in power generation assets and services businesses.  To date, AGPL has invested in a portfolio of hydro, thermal and non-conventional generation assets for an aggregate capacity of nearly 4,000 MW at an estimated capital outlay of ~ USD 4.5bn. This capacity, once commissioned, will establish AGPL as having one of the largest portfolio of investments in power assets in the country. For more information, please visit www.ail.com.sg

About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, long-term investment horizon and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Established in 1980, GA manages approximately $15 billion in capital and has more than 75 investment professionals based in Greenwich, New York, Palo Alto, London, Düsseldorf, Hong Kong, Beijing, Mumbai and São Paulo. For further information and a listing of GA’s public and private portfolio companies see www.generalatlantic.com.