Davis Polk & Wardwell LLP is advising a consortium of investors and Morgan Stanley Infrastructure Partners as the lead investor in connection with an investment of approximately US$425 million in Asian Genco Pte. Ltd. In addition to Morgan Stanley Infrastructure, the consortium consists of General Atlantic LLC, Goldman Sachs Investment Management, Norwest Venture Partners, Everstone Capital and other investors.
Asian Genco is an infrastructure development company that holds a portfolio of Indian hydro, thermal and non-conventional generation assets for an aggregate capacity of nearly 4,000 MW (once commissioned). These assets include the largest hydro project in the Indian private sector (Teesta III: 1,200 MW), which is under advanced stages of construction, and a coal-fired, supercritical thermal project in the state of Andhra Pradesh (East Coast Energy Phase-I: 1,320 MW).
The investment represents the largest equity transaction in the Indian power sector to date.
The Davis Polk corporate team includes partners Kirtee Kapoor and Mark J. Lehmkuhler, counsel Gerhard Radtke and associates Sam Kelso, Zhan Chen, Shaoyun (Anna) Xu, Li Han, Terrence R. O’Donnell, Sriram Kilapakkam and Abhishek Kolay (admitted only in India). The tax team includes partner Harry Ballan and associate Gregory T. Hannibal, both of the New York office. Counsel Margaret M. Ayres and associate Bethany K. Hipp, both of the Washington DC office, and associate Chiawen Clement Kiew of the New York office, are providing regulatory advice. Candice Ng and Jenny Oi Wan Chan are the legal assistants on the transaction. Except as noted above, all members of the Davis Polk team are based in the Hong Kong office.
D.C.