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MUMBAI: Morgan Stanley-backed renewable energy producer Continuum Green Energy on Wednesday said that it has raised $350 million in debt by issuing senior secured floating rate notes to two international institutional investors.
Continuum also has the option to issue an additional $50 million on fulfilment of certain conditions, it added.
Continuum is an India-focused renewable energy platform with the majority of its assets focused on commercial and industrial (C&I) consumers, with 1.3 gigawatts (GW) of operating and near operational capacity and an additional 1.2 GW projects for near-term construction. Continuum is majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Partners.
“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, 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.
Deutsche Bank AG was the sole advisor to Continuum on this transaction.
“The international debt capital markets continue to remain volatile on account of rising interest rates and geopolitical tensions. Adverse market conditions notwithstanding, capital remains available for strong credit and the right structures," said Sameer Gupta, head India DCM (debt capital markets), Deutsche Bank.