A consortium of private equity investors led by Morgan Stanley and Goldman Sachs will invest $245m in power generation asset owner Asia Genco (AGPL).

The funding will aid AGPL to carry out existing power projects in India and develop organisational infrastructure to add new clean, renewable energy projects in the region, the company said.

AGPL is developing hydro, thermal and non-conventional power generation assets with the capacity of about 4,000MW.

Assets include the 1200MW Teesta III project, the largest private sector hydro project under development in India and the 1320MW phase 1 of East Coast Energy, a coal-fired thermal project.

The consortium of investors in the project includes Norwest Venture Partners, Everstone Capital and PTC India Financial Services.