Continuum Energy Raises $350 Million For C&I Renewable Market In India
- With 1.3 gigawatts (GW) of operating and also near operational capacity as well as an added 1.2 GW projects for near-term building and construction, Continuum is well placed to tap into climbing need for RE.
Singapore-based Continuum Green Energy Ltd, has introduced that it has actually raised $350 million in the red by issuing elderly secured drifting price notes to two international institutional investors. The notes have a period of 3.5 years as well as the earnings will be partly utilized to re-finance financial debt and also financing project building. The drifting price is linked to the Protected Overnight Financing Rate. The company has actually likewise specified that it has the option to provide a further $50 million on satisfying particular responsibilities. Previously, Continuum additionally saw participation from IFC, the World financial institution's private sector funding arm, for a green bond issue out of Singapore.
Presently, nearly all the projects of the firm are concentrated in Gujarat, Madhya Pradesh as well as Tamil Nadu respectively.
The funding news comes quickly after GE Energy Financial Services (GE EFS) got a 49% stake in Continuum Green Energy's 148.5 MW Morjar onshore wind project in Gujarat. Continuum Green Energy is majority-owned by an international infrastructure fund managed by Morgan Stanley Infrastructure.
The fund raising will be seen as yet another vindication of the high potential that is ultimately being converted into reality in the business and also industrial segment for renewable resource, with positive policy interventions that will certainly develop both pressure as well as need for greater renewable resource. It likewise marks out the Indian market as a market able to raise financing in spite of the existing volatility in worldwide markets, with the best kind of projects.
Continuum, with 1.3 gigawatts (GW) of operating as well as near-operational capacity and also an extra 1.2 GW projects prepared for near-term building in India, is therefore set to increase the increasingly congested C&I segment in a big way.
Discussing the fund raise, Arvind Bansal, Founder as well as CEO of Continuum claimed, "Raising of funds from marquee capitalists re-affirms the faith of capitalists in Continuum's company design as well as the business's concentrate on building high-quality projects. With these funds, the company aims to broaden its portfolio to 2.5 GW, majority of which are wind as well as solar hybrid projects, servicing commercial & industrial (C&I) consumers, allowing them to satisfy their sustainability goals economically,"
Raja Parthasarathy, Managing Director at Morgan Stanley Infrastructure Partners and a member of the board at Continuum, claimed, "We more than happy that Continuum receives this investment as well as are thrilled for the development that the firm may become aware while strengthening their franchise business with C&I consumers as well as wind-solar hybrid offerings. This notes another big milestone in our now 10-year fruitful partnership with Continuum."