PE firms invest $425 Million into Asian Genco

Bangalore: Asian Genco, an Indian infrastructure firm 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.

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The funding will help Asian Genco 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 major player in the region. By 2012, the company 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, Asian Genco 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 the company to complete its current pipeline of projects and develop new projects.