Asian Genco (AGPL), a Singapore-based infrastructure company with investments in Indian power generation assets and engineering services businesses, said it has received a commitment of over $425 million from a consortium of global investors led by Morgan Stanley Infrastructure Partners (MSIP) to fund the development of its power generation portfolio in India.

AGPL is developing an investment portfolio of hydro, thermal and non-conventional generation assets of nearly 4,000 mw under construction and development, in India. These assets include the largest hydro project, under advanced stages of construction, in the private sector in India (Teesta III, 1,200 mw, in West Bengal) and a coal-fired, super-critical thermal project in Andhra Pradesh (East Coast Energy, phase-I, 1,320 mw).

The financing represents the largest equity transaction in the Indian power sector, which has participation from General Atlantic LLC (GA), Goldman Sachs Investment Management, Norwest Venture Partners (NVP), Everstone Capital and others.

Besides, Power Trading Corporation (PTC) and its financial arm — PTC India Financial Services (PFS), are also equity investors in AGPL.

Vijaykumar TV, chairman of AGPL, said they have have now secured full equity financing for all their projects that are under construction. “In addition, we believe our investors will add tremendous value and financial strength to AGPL as we grow our portfolio and expand our leadership position in the clean power sector,” he said.

TN Thakur, chairman and managing director of PTC and PFS, said, “PTC has Power Purchase Agreements (PPAs) with Teesta III, East Coast Energy and the Malana hydro project. We at PTC enter into PPAs only when we believe that the projects are doable and can be completed at competitive costs ensuring the marketability of electricity generated.”