$350 million raised by Continuum Green Energy

14 Jul 2022 , 08:50 AM

A renewable energy platform called Continuum Green Energy said on July 13 that it has obtained USD 350 million (about Rs2,786 crore) in debt through bond issuance. The money would be used to grow its solar hybrid and wind projects.

According to an official release, the company, which has a portfolio of 1.3 GW of assets that are either operating or about to be commissioned, issued senior secured variable rate notes to two renowned worldwide institutional investors.

According to the company’s founder and CEO Arvind Bansal, “with these funds, the company aims to expand its portfolio to 2.5 GW, the majority of which will be wind and solar hybrid projects, servicing Commercial and Industrial (C&I) consumers, and enabling them to meet their sustainability goals economically”. According to the statement, Continuum is primarily owned by a global infrastructure fund run by Morgan Stanley Infrastructure Partners and has 1.2 GW of projects slated for immediate development.

If certain requirements are met, it can raise an additional $50 million, according to the statement. In this transaction, Continuum had only one placement agency, which was Deutsche Bank AG.