Shearman & Sterling represented Norwest Venture Partners in their investment as part of a consortium in Asian Genco Pte. Ltd., a Singapore-based holding company that holds equity interests in a number of hydro, thermal and non-conventional power generation assets in India.

The consortium of private equity investors, comprised of Morgan Stanley Infrastructure Partners, General Atlantic, Goldman Sachs, Norwest Venture Partners and others, has agreed to invest over $425 million in Asian Genco. The investment will be made in tranches upon satisfaction of certain conditions, including achievement of certain project development milestones. The initial investment closed on March 5, 2010.

This is the largest private equity transaction in the power sector in India and the biggest private equity transaction in India in almost two years.

Hong Kong Mergers & Acquisitions partner Paul Strecker led the Shearman & Sterling team, working with counsel Sidharth Bhasin (Hong Kong-Mergers & Acquisitions) and associate Xinmei Chen (Beijing-Mergers & Acquisitions).