SINGAPORE - The global fund manager Actis has launched its fifth fund that will pursue investments in gas-to-power generation projects.

Bridgin Power, a Singapore-based platform, will be managed by a local team, including former Sembcorp Industries executives, and will focus on gas-fired power investments in the region.

It is targeting a total portfolio capacity of 1,200 megawatts (MW) in countries including Vietnam, Indonesia, Thailand, the Philippines, Malaysia, Bangladesh and Sri Lanka by 2028. That is equivalent to powering around 2.2 million four-bedroom Housing Board flats a month, according to its estimates.

Bridgin Power will have US$400 million ($558 million) in deployable capital and targets total assets under management of US$1.6 billion. It has already closed its first investment, comprising the acquisition of a 49 per cent share in a 220MW combined cycle gas turbine power plant in the Bhola region of Bangladesh.

Bridgin Power acquired the stake from Indian conglomerate Shapoorji Pallonji. The US$290 million plant has since been refinanced with US$200 million from a consortium of private lenders, including DBS Bank.

The plant was commissioned in June last year and has a 22-year power purchase agreement with the Bangladeshi government.

Bridgin Power chief executive Dennis Foo said demand for gas-fired plants to generate power will be high in the years to come as it will take time for countries to make the transition from coal to renewable energy.

"Natural gas will bridge this gap until renewable energy is able to scale up to meet demand," he noted.

"Bridgin Power's investment in the Bhola power project in Bangladesh is a step in that direction."