Global private equity firm General Atlantic, along with a clutch of other investors like Morgan Stanley and Goldman Sachs, has invested USD 425 million (nearly Rs 2,000 crore) in Asian Genco Pte Ltd, which has investments in Indian power generation assets.
The funding will help Asian Genco to bring its existing
power projects under construction to fruition and develop the organisational infrastructure to add new clean, renewable energy projects, separate statements from General Atlantic and Asian Genco said.
“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,” according to General Atlantic.
This new infusion of capital will enable AGPL to complete its current pipeline of projects and develop new projects.
By 2012, AGPL aims to be one of the largest non-family owned, private power company in India with more than 1,350 MW of operational power assets and a development pipeline of over 10,000 MW of capacity.
AGPL has investments in a portfolio of hydro, thermal and non-conventional generation assets for an aggregate capacity of nearly 4,000 MW under development.