Morgan Stanley PE-backed Continuum gets $75 mn for green bond

 Morgan Stanley PE-backed Continuum gets $75 mn for green bond

Continuum Wind Energy Ltd has received a commitment for debt investment from a development finance institution, as it gears up to raise as much as $600 million via a green bond under a step-down subsidiary.

International Finance Corporation, the World Bank’s private-sector investment arm, intends to invest up to $75 million for a tenor of six years as part of the green bond issue of Continuum.

Continuum will use IFC’s proceeds towards two wind power projects in the state of Madhya Pradesh.

Continuum Energy Levanter Pte Ltd, a wholly owned special purpose vehicle of Continuum Green Energy Ltd, Singapore, aims to issue its maiden green bond, to be listed on the Singapore Stock Exchange. The proceeds of the green bond will be used to refinance the project debt at six operating entities of the Continuum Group.

Continuum Wind Energy was founded in 2012 and is focused on establishing an independent renewable power producer business in India. It is the holding company of Continuum Green Energy.

Founded in 2009, Continuum Green Energy has a portfolio of about 2 GW. Of this, projects with a capacity of 757.4 MW are already operational and 428.0 MW are in construction, as per its website. Continuum’s current projects are located in the states of Gujarat, Maharashtra, Madhya Pradesh and Tamil Nadu.

The firm is sponsored by Clean Energy Investing Ltd, Singapore, an indirect wholly owned subsidiary of a Morgan Stanley fund entity called New Haven Infrastructure Partners.

Last year, global financial services giant Morgan Stanley had marked its final close for an India-focused infrastructure investment fund under the North Haven banner.

The North Haven India Infrastructure Fund finished fundraising after getting on board investors including the Beijing-headquartered Asian Infrastructure Investment Bank and Dutch development bank FMO.

The Indian infrastructure fund mainly focuses on asset-light infrastructure investments in three segments—energy and utilities, transportation and logistics, and social infrastructure such as healthcare and education.

The India-focussed fund is part of the US-based financial services giant’s infrastructure investment platform, which had raised $5.5 billion for its third global fund, North Haven Infrastructure Partners III, in 2019.

Pallavi S

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