Indonesia-based diversified corporation Gunung Sewa has participated in a $21m round of funding for Asian gas-to-power specialists Navigat. The investment was made jointly with investment firm Mahanusa Capital.
The investment comes six months after the Indonesian-based power plant developer raised $25m from Standard Charted Private Equity, Standard Chartered Bank’s investment subsidiary.
The new funds will be used to enable Navigat’s power generating business, MAXpower, to achieve its target of 1 GW of installed operating capacity by the end of 2015.
Daniel Bundiman, founding partner of Mahanusa Capital, will join Navigat’s board of directors. Bundiman said: “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.”