Actis launches gas-based power generation business for Southeast Asia

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    Actis, a global investor in sustainable infrastructure on Wednesday announced the launch of Bridgin Power, a power generation business that will pursue gas-fired power projects and focus on delivering an equitable energy transition in Southeast Asia where power demand is constantly on the rise.

    The development comes after Bridgin recently closed its first investment by acquiring 49% shareholding in a 220MW Combined Cycle Gas Turbine power plant in the Bhola region of Bangladesh. Bridgin acquired this stake from Shapoorji Pallonji group, a diversified group with a focus on engineering & construction, infrastructure, energy, real estate, water, and financial services.

    Bridgin Power is targeting a total portfolio capacity of 1.2 GWs across the region by 2028. Its target geographies include Vietnam, Indonesia, Thailand, Philippines, Malaysia, Bangladesh, and Sri Lanka.

    The Bhola power plant has a 22-year PPA with Bangladesh Power Development Board and achieved commissioning in Jun 2021. The project was financed initially by the Asian Infrastructure Investment Bank (AIIB), Islamic Development Bank (IsDB), and IDCOL Bangladesh, who have now been replaced by a consortium comprising SMBC, ING, DBS, Bank of China, Mizuho, and SocGen.

    Sanjiv Aggarwal, Partner, Energy Infrastructure at Actis said: “We’re excited to be launching a business spanning Southeast Asia, a region which has increasing power demands and where we can leverage Actis’ proven strategy of aggregating energy assets into a scalable regional platform which enables a just and equitable Energy Transition.“

    Investing from its $6 billion Actis Energy 5 Fund, in partnership with Bridgin’s management team, Actis aims to deliver up to 1.2GW of power capacity by 2028, Aggarwal said.

    Mukundan Srinivasan, Managing Director, Shapoorji Pallonji Infra said: “We are happy to be associated once again with Actis for this transaction after our successful divestment of our solar assets to their India renewable platform.”

    This deal also demonstrates SP Infra’s continued track record of developing “high-quality” infrastructure assets in its chosen spaces, creating value for its stakeholders, and be the partner of choice for high-quality international investors, he added.

    This comes as a major development for Shapoorji Pallonji Group as it looks to reduce its debt. In 2019, Shapoorji Pallonji Infrastructure Capital had sold its 194 MW solar power portfolio to Sprng Energy.

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