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Southeast Asia based MAXpower gets equity investment from Standard Chartered PE, completes $282m financing

Southeast Asia based gas-to-power specialist MAXpower Group Pte Ltd, has completed a $282 million financing on June 12th. It included a $60 million structured equity investment from Standard Chartered Private Equity and a $222 million debt refinancing arranged by Standard Chartered Bank and OCBC Bank.

The new equity and debt proceeds will be used to support MAXpower’s on-going development and construction program. As part of the transaction, the company will be appointing Greg Karpinski as executive chairman of the MAXpower Group, and he is expected to take up the role by the end of July 2015.
 
Karpinski is currently managing director at Standard Chartered Private Equity. Nainesh Jaisingh (global co-head, Standard Chartered Private Equity), Benjamin Soemartopo (managing director, head, Standard Chartered Private Equity, Indonesia) and Kanad Virk (managing director, head, Standard Chartered Private Equity, Energy, Resources & Infrastructure) will be joining the board of the company.
 
PT MAXpower Indonesia, unit of MAXpower has won two competitive tenders to supply 40 megawatt (MW) of total capacity PT Perusahaan Listrik Negara (PLN), the state-owned electricity producer.
 
Also Read: Aboitiz Power unit raises $709.1m debt to fund 300 MW power plant construction
 
MAXpower will develop a 30MW gas-fired power plant in New Tarahan in the Lampung region, to support the rapid industrial growth in the region. The second project, located at Tarakan, East Kalimantan to generate a capacity of 9MW.
 
The government has recently implemented new targets to increase gas-fired power production by 11,000MW in the next four years to meet the fast growing local demand for electricity.
 
“This is creating outstanding opportunities for MAXpower’s fast, affordable and scalable technology, and we are seeing significant growth in our development pipeline, which currently stands at 177MW of projects under construction or contract,” Arno Hendriks, CEO of MAXpower said in statement.
 
Standard Chartered Private Equity (SCPE) has recently invested $52 million in Crystal Jade Group Holdings, that operates over 100 outlets ranging from fine dining, casual and specialty restaurants to bakeries across the Asia Pacific region with a primary focus in Singapore, Hong Kong and Mainland China.
 
In October 2014, SCPE had acquired 3.8 per cent stake in the Thai Union Frozen Products (TUF), Thailand’s leading processor and exporter of canned and frozen seafood products.
 
(Source: Deal Street Asia)
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