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.
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