 "Energy")
Continuum Green Energy, a renewable energy platform, on Wednesday said it has raised USD 350 million (about Rs 2,786 crore) in debt through a bond issue to expand its solar hybrid and wind projects.
The company, which has a portfolio of 1.3 GW of assets either operational or nearing commissioning, issued senior secured floating rate notes to two marquee international institutional investors, as per an official statement.
"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 and Industrial (C&I) consumers, enabling them to meet their sustainability goals economically," its founder and chief executive Arvind Bansal said.
Continuum is majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Partners, and has 1.2 GW of projects for near term construction, as per the statement.
It can raise an additional USD 50 million on fulfilment of certain conditions, it said.
Deutsche Bank AG was the sole placement agent for Continuum on this transaction.
"The international debt capital markets continue to remain volatile on account of rising interest rates and geo political tensions. Adverse market conditions notwithstanding, capital remains available for strong credit and the right structures," said Sameer Gupta, Head India DCM (debt capital markets) at Deutsche Bank.
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