Morgan Stanley Leads $425 Million Investment in Asian Genco
The assets include the 1,200- megawatt Teesta III in Sikkim state

March 17, 2010, 9:52 AM EDT
source: Businessweek


March 17 (Bloomberg) -- Morgan Stanley Infrastructure Partners and a group of global investors plan to invest $425 million in Asian Genco Pte, an infrastructure company with power generation assets in India.

Asian Genco, which is developing about 4,000 megawatts of hydro, thermal and wind power projects in India, secured the funding from a group led by Morgan Stanley, the Singapore-based company said in a statement. Morgan Stanley declined to give its individual commitment in a separate e-mailed statement.

The group includes General Atlantic LLC, Goldman Sachs Investment Management, Norwest Venture Partners and Everstone Capital, Asian Genco said. PTC India Ltd., the nation’s biggest power trader, will remain an investor in the various projects. Spokesmen for the companies were not available for immediate comment.

Asian Genco said it will require about $4.5 billion in capital for its power projects. The assets include the 1,200- megawatt Teesta III in Sikkim state, which Asian Genco described as India’s largest non-state hydropower project, and a 2,640- megawatt coal-fired plant in Andhra Pradesh state.

--Editors: John Chacko, Abhay Singh.