Actis has set up a new platform to invest in gas-fired power projects in Southeast Asia and closed its maiden deal by acquiring a 49 percent shareholding in a 220 megawatts-power unit in Bangladesh owned by India’s Shapoorji Pallonji group. Actis’ new platform, called Bridgin Power, will pursue gas-fired power projects with focus on equitable energy transition in Southeast Asia. Bridgin Power taps into a total commitment of $400 million in equity from Actis Energy 5 Fund. It aims to build a portfolio of 1.2 gigawatts (GWs) across the region by 2028.
The project was financed initially by Asian Infrastructure Investment Bank (AIIB), Islamic Development Bank (IsDB) and IDCOL Bangladesh. They have now been replaced by a consortium comprising Sumitomo Mitsui Banking Corporation (SMBC), ING, DBS, Bank of China, Mizuho and Societe Generale. Actis’ energy infrastructure team invests on a global scale to buy and build power generation and distribution businesses. In the past, it completed a fundraising for Actis Energy 5 with $6 billion of investable capital, which backed energy transition projects.