Maxpower gets debt, equity package from Standard Chartered PE

Maxpower, which is the leading developer of distributed power plants in Indonesia, with 342 megawatts of installed capacity, will use the proceeds to support its ongoing construction program.

The company started out as an equipment business - and its Navigat Energy division remains a major distributor of General Electric Jenbacher engines, having sold more than 1,000 MW of units in Southeast Asia - and expanded into development in response to a shortage of skilled operators for power generation facilities.

The development business is now the largest revenue driver and Maxpower has set up projects in Thailand and Myanmar, in addition to consolidating its position in Indonesia. It typically pursues projects of 5-100 MW.

SCPE first invested in Maxpower in 2012, putting in $58 million, and committed a further $25 million - alongside a $279 million debt refinancing - at the end of 2013. Last year, Indonesia-focused PE firm Mahanusa Capital and Gunung Sewu Group invested $21 million in the company.

There have also been investments in specific subsidiaries of Maxpower. Last year, a vehicle owned by the Indonesian government and several development finance institutions (DFIs) invested $12.5 million into an Indonesian unit, while Mitsui & Co. has acquired a 44% stake in the Myanmar subsidiary.

As part of this latest investment, Greg Karpinski, a managing director at SCPE, will become executive chairman of Maxpower. Three other executives from the PE firm - Nainesh Jaisingh, Benjamin Soemartopo and Kanad Virk - will also join the company's board of directors.

The other joint lead arranger for the debt refinancing is OCBC Bank.

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