Continuum Green Energy, Singapore, through its subsidiary has raised $350 million by issuing Secured Floating Rate Notes to two marquee international institutional investors, with an option to issue an additional $50 million on fulfilment of certain conditions. Deutsche Bank AG advised Continuum on the transaction, the company said in a statement on Wednesday.
The funding announcement comes shortly after GE Energy Financial Services (GE EFS) bought a 49% stake in Continuum Green Energy’s 148.5 MW Morjar onshore wind project in Gujarat for an undisclosed amount. Continuum Green Energy is majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure.
Continuum is an India-focused renewable energy platform, with the majority of its assets focused on Commercial & Industrial (C&I) consumers, with 1.3 GW of operating and near operational capacity and an additional 1.2 GW projects for near-term construction. The energy company has a portfolio capacity of 4 GW, which comprises 855.40 MW operational capacity, 444.40 MW under-construction projects and 2.7 GW under-development projects.
“Raising of funds from marquee investors re-affirms the faith of investors in Continuum’s business model and the company’s focus on building high-quality projects. With these funds, the company aims to expand its portfolio to 2.5 GW, the majority of which as wind and solar hybrid projects, servicing Commercial & Industrial (C&I) consumers, enabling them to meet their sustainability goals economically,” said Arvind Bansal, founder and CEO of Continuum in a statement.
“We are happy that Continuum receives this investment and are excited for the growth that the company may realise while deepening its franchise with C&I customers and wind-solar hybrid offerings. This marks another big milestone in our now 10-year fruitful partnership with Continuum,” added Raja Parthasarathy, managing director at Morgan Stanley Infrastructure Partners and a member of the board at Continuum.
