Actis to invest in gas power projects in SE Asia
Investment firm Actis has launched a platform in Singapore that will invest in gas-fired power projects in southeast Asia, it said on June 29.
Bridgin Power, a power generation business, 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”, Actis said.
Bridgin Power is targeting a total portfolio capacity of 1.2 GW across the region by 2028. Target geographies include Vietnam, Indonesia, Thailand, Philippines, Malaysia, Bangladesh and Sri Lanka.
The company recently closed its first investment by acquiring 49% shareholding in a 220 MW combined cycle gas turbine power plant in the Bhola region of Bangladesh. Bridgin acquired this stake from India’s Shapoorji Pallonji group.
The Bhola power plant has a 22-year power purchase agreement with Bangladesh Power Development Board and achieved commissioning in June 2021. The project was financed initially by Asian Infrastructure Investment Bank, Islamic Development Bank and IDCOL Bangladesh, who have now been replaced by a consortium comprising SMBC, ING, DBS, Bank of China, Mizuho and SocGen.