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Continuum Green Energy's Sale Gathers Pace: Report

Oil major BP, Norway's Statkraft and I Squared Capital have signed non-disclosure agreements and the deal is likely at an equity value of around USD 600 million

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Continuum Green Energy's sale is gathering pace as oil major BP Plc, Norway's state-run electricity firm Statkraft and New York-based I Squared Capital signed non-disclosure agreements (NDA) for the transaction, a media report stated citing people aware of the development.

The report stated that the deal could be among India's largest clean energy transactions.

The report said that Citibank and Deutsche Bank are running the sale process for Continuum, and the deal is likely at an equity value of around USD 600 million.

Morgan Stanley has around 83 per cent stake in the clean energy platform. 

Continuum has a portfolio of 1.3 gigawatts (GW) of operational and nearly operational projects and an additional 1.17 GW of near-term construction portfolio through utility-scale, commercial, and industrial segment projects.

North Haven Infrastructure Partners, a global infrastructure fund managed by Morgan Stanley Infrastructure Partners, had invested USD 212.03 million in Continuum in 2012.

The report stated that Morgan Stanley and promoters are looking to exit this time, which will be a 100 per cent stake sale.

The development comes at a time when India's green energy space looks attractive to investors. Energy giants such as Shell, Total and Thailand's PTT group have already entered this space and established a significant presence.

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Continuum Green Energy statkraft bp i squared capital