Standard Chartered PE re-ups in Indonesia’s Navigat

SCPE first invested $58 million in January 2012 through the Standard Chartered IL&FS Asia Infrastructure Growth Fund, a 2008 vintage vehicle with a corpus of $658 million.

Navigat is Indonesia's leading distributed power plant developer. It has 265 MW of installed capacity primarily in Indonesia, but with smaller operations in Thailand and Myanmar. It is also the second-largest global distributor of General Electric Jenbacher power equipment, having sold more than 1,000 MW of units in Indonesia, Singapore and Thailand.

The company typically pursues projects of 5-100 MW in size, shipping in gas-powered electricity units that serve either as backup to existing systems or as the sole power source in remote locations that aren't covered by the electricity grid. Navigat is frequently contracted by mines and industrial estates that don't have reliable power supplies and has also worked with Indonesia's state electricity company to plug gaps in its network.

"The disaggregated nature of Indonesia, a country of around 17,000 islands, means you can't put wires from island to island so you need all these independent power systems and portable power helps fill the gaps," says Andrew Yee, global head of infrastructure at Standard Chartered Bank's principal finance division, told AVCJ earlier this year.

The company has two main divisions: Navigat Energy, which is responsible for GE equipment sales and services; and MAXPower, which provides distributed power plants as a contracted operator. In the past year MAXPower has commissioned two power plants in Myanmar and provided additional power supply for the Singapore Formula One Grand Prix.

"With the support of Standard Chartered, Navigat has successfully transformed itself from being the leading GE Jenbacher engine retailer with a small power asset portfolio into a company that, in addition to its engine sales business, is primarily focused on developing, constructing, owning and operating gas-fired power plants." said Sebastiaan Sauren, COO and co-founder of Navigat.

He anticipates rapid expansion of the company's power generation fleet in the next 24 months.

Standard Chartered Bank was advisor to Navigat on the refinancing and served as joint lead arranger with OCBC Bank.

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• Topics
• Expansion
• Industrials
• Southeast Asia
• energy
• Standard Chartered Private Equity
• Indonesia
• Southeast Asia
• Growth capital