SE Asia power developer Navigat gets additional PE backing

The commitment follows a $25 million investment by Standard Chartered Private Equity (SCPE) in December 2013, which came in conjunction with a $279 million debt refinancing. SCPE first backed Navigat in January 2012, putting in $58 million.

The proceeds of the last two rounds of funding will support the ongoing rollout of Navigat's distributed power plant business - MAXPower - which is targeting 1,000 megawatts of installed operating capacity by the end of 2015. The company currently has 335 MW of installed capacity and operations in Indonesia, Myanmar, Singapore and Thailand. It typically pursues projects of 5-100 MW in size.

Navigat started out as an equipment business and remains the second-largest global distributor of General Electric Jenbacher engines, having sold more than 1,000 MW of units through distribution licenses in Indonesia, Singapore and Thailand.

The engines serve as either backup to existing systems or as the sole power source in remote locations that are not 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.

MAXPower - now the largest revenue driver - was established in response to demand not only for equipment but also skilled operators who could develop, own and operate power generation facilities.

"As the leading gas-to-power specialist in Southeast Asia, Navigat's profile ideally matches out investment focus," said Daniel Budiman, founding partner of Mahanusa Capital, in a statement. "Demand for electricity in remote and inaccessible areas of Indonesia is vast, and growing very quickly. Few companies have the expertise, scale and ambition to really meet this demand."

Budiman will join the Navigat board.

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