Investors pour funds into Genco

Davis Polk & Wardwell is advising a consortium of investors led by Morgan Stanley Infrastructure Partners in connection with an investment of approximately US$425 million in Asian Genco. Others in the consortium include General Atlantic, Goldman Sachs Investment Management, Norwest Venture Partners and Everstone Capital.

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 megawatts (once commissioned). These assets include the largest hydro-electric project in the Indian private sector (Teesta III: 1,200 megawatts), which is at an advanced stage of construction, and a coal-fired, supercritical thermal project in the state of Andhra Pradesh (East Coast Energy Phase-I: 1,320 megawatts). The investment represents the largest equity transaction in the Indian power sector to date.

The Davis Polk team includes partners Kirtee Kapoor and Mark Lehmkuhler, counsel Gerhard Radtke and associates Sam Kelso, Zhan Chen, Shaoyun (Anna) Xu, Li Han, Terrence O’Donnell, Sriram Kilapakkam and Abhishek Kolay, all from the Hong Kong office. The tax team includes partner Harry Ballan and associate Gregory Hannibal, both from the firm’s New York office. Counsel Margaret Ayres and associate Bethany Hipp of the Washington office, and associate Chiawen Clement Kiew of the New York office, are providing regulatory advice.