Standard Chartered Private Equity is the private equity arm of Standard Chartered Bank. It has made over US$3.9 billion investments in mid- to late-stage companies in Asia, Africa and the Middle East.
The investment will be made through a convertible exchangeable bond. Standard Chartered Private Equity will hold a US$75 million five-year convertible exchangeable bond with a 2.5% cash coupon.
With gas and power operations in Indonesia, Philippines and Australia, Energy World Corporation is focused on significantly expanding its liquefied natural gas operations to take advantage of the growth opportunities in Asia Pacific.
Electric power consumption per capita is very still very low in Asian countries compared to Western countries. Kilowatt-hour consumption per capita is 1,585 in China, 478 in Indonesia, and 597 in Philippines. The measure is 13,351 in the U.S., 11,193 in Australia and 8,170 in Singapore, according to NationMaster Energy Statistics.
Standard Chartered Private Equity’s investment will be used to help expand Energy World Corporation’s liquefied natural gas operations, including a liquefied natural gas receiving and regasification terminal currently under construction and a planned gas-fired power plant, both on Pagbilao Island in the Philippines.
Standard Chartered will also bring its industry and financial expertise to Energy World Corporation to improve the company’s management.
"Over the past seven years, Standard Chartered has been tremendously supportive of our efforts to develop clean and green energy projects throughout Asia," says Stewart Elliott, CEO and chairman of Energy World Corporation. "This direct investment…is a strong statement of support for our strategy to develop modular solutions for liquefaction and receiving terminals."
Energy World Corporation is listed on the Australian Stock Exchange and on the OTCQX, a premier tier of the Over-the-Counter market in the U.S.