Indian Wind Generator Plans $600 Million Green Bond

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Indian wind energy generator Continuum Wind Energy is planning to issue its first green bond with backing from the International Finance Corporation.

According to media reports, Continuum will issue a green bond to raise $500-600 million. The bond will be listed at Singapore Exchange. IFC has announced that it will invest $75 million in the bond. Proceeds from the bond issue will be used by Continuum to refinance six operational wind energy projects with a capacity of 734 megawatts.

Continuum Wind Energy was founded in 2012 and has Singapore-based Clean Energy Investing Limited and New Heaven Infrastructure Partners (a Morgan Stanley-backed fund) as its investors.

Continuum has been an acquisition target by several entities multiple times over the last few years. In 2015, SunEdison expressed interest in buying the power generator. The deal fizzled out following SunEdison’s bankruptcy. In 2019, Shell, Statkraft, and CLP India expressed interest in buying Continuum but again the deal did not materialize.

The company currently operates 371 megawatts of wind energy and solar power capacity in the states of Tamil Nadu and Gujarat and supplies power to industrial consumers. An additional 28 megawatts of the wind power project is under construction in Gujarat. Additionally, the company also owns wind projects of 386 megawatts that have long-term power purchase agreements with distribution utilities in Gujarat, Madhya Pradesh, and Maharashtra. Continuum also secured rights to develop 400 megawatts of wind power capacity by Solar Energy Corporation of India in national-level competitive auctions.

 



 


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