General Atlantic in Greenwich has taken on investment in Asian Genco Pte Ltd, a Singapore-based infrastructure company with investments in power generation assets in India and in engineering services businesses.
General Atlantic, a global growth equity firm, has invested as part of a $425 million outlay by a consortium. General Atlantic”™s amount invested was not disclosed.
Other global investors in the consortium include Morgan Stanley Infrastructure Partners, Goldman Sachs, Norwest Venture Partners, Everstone Capital and PTC India Financial Services.
“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,” said Ranjit Pandit, managing director of General Atlantic. “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 Pandit, the goal of the consortium is to build AGPL into one of the leading power generation platforms in India. He said General Atlantic”™s funding will help AGPL to bring its existing power projects under construction to fruition. Pandit said by 2012, AGPL aims to be one of the largest nonfamily-owned, private power company in India with more than 1,350 megawatts of operational power assets and a development pipeline of more than 10,000 megawatts 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 megawatts under development.
