I Squared Capital has invested $200 million in Singapore-based AG&P City Gas.
The investment was a first tranche of a $300 million equity raise and was made through the ISQ Global Infrastructure Fund III and ISQ Growth Markets Infrastructure Fund.
AG&P City Gas is developing 12 city gas distribution networks in India across 280,000 square kilometers (108,108 square miles), an area approximately the size of Italy. AG&P City Gas was previously owned wholly by the Atlantic, Gulf & Pacific Group, a Singapore-based downstream LNG business.
In its 12 concessions, AG&P City Gas is responsible for developing and operating compressed natural gas (CNG) stations for vehicles, piped natural gas to homes, and the distribution of LNG to industrial and commercial customers. In the coming years, AG&P City Gas has plans to build 1,500 CNG stations so that cars, taxis and buses can transition seamlessly to run on clean fuel.
“Along with AG&P,
