Navigat Group Pte Ltd, the SE Asian gas-to-power specialist, today announces a $21m (US) investment from two seasoned Indonesian investors, Mahanusa Capital and Gunung Sewu Group.
The investment comes shortly after Standard Chartered Bank Private Equity’s $25m (US) investment in Navigat in December 2013 and represents a strong vote of confidence from the Indonesian business community in the company.
As with the SCB PE investment, the new proceeds will be deployed to enable Navigat’s power generating business MAXpower to achieve its target of 1,000MW of installed operating capacity by the end of 2015. Following the investment, Mr. Daniel Budiman, Founding Partner of Mahanusa Capital will join the Navigat Board of Directors.
“We are delighted to welcome two of Indonesia’s most respected investment companies as shareholders in Navigat. This and the Standard Chartered investment are great endorsements of our strong proposition and exciting potential. We are also very excited to have Daniel join the board and look forward to his insights and the valuable contribution he will make to MAXpower’s future in Indonesia,” said Mr. Arno Hendriks, CFO of Navigat.
Mr. Daniel Budiman, Founding Partner of Mahanusa Capital commented, “We are particularly interested in companies with proven track records, strong competitive advantage, first-rate management teams and ambitious growth plans. As the leading gas-to-power specialist in South East Asia, Navigat’s profile ideally matches our investment focus. 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. Navigat is a company to watch in the future and we are very excited to be participating and enabling in its growth going forward.”