SunEdison Agrees To Acquire Continuum Wind Energy In India
After weeks of rumours of SunEdison looking to acquire India-based Continuum Wind Energy, the US-based project developer has agreed to go ahead with the acquisition.
Continuum Wind Energy has an installed capacity of 145 MW capacity with 270 MW capacity currently under-construction. SunEdison is expected to buy out a stake of Morgan Stanley Infrastructure Partners, the majority shareholder in Continuum Wind Energy. At an estimated $600 million, the transaction is expected to be the largest-ever in India’s renewable energy sector.
SunEdison is looking to expand its footprint in India, organically as well as through acquisitions. The company has already pledged to add 15.2 GW of renewable energy capacity in India — 10 GW solar power and 5.2 GW wind energy — over the next 7 years.
SunEdison has already signed an agreement with the state government of Rajasthan to develop 5 GW of solar energy capacity over the next 5 years. In a similar deal with the southern state of Karnataka, the company plans to install 5 GW of wind and solar power capacity over the next 5 years.
SunEdison has already acquired 100 MW worth of wind energy projects in India owned by Spain’s FersaEnergias Renovables SA.
International as well as Indian companies remain bullish about the country’s wind energy sector as the government has announced ambitious capacity addition targets. At the end of 31 March 2015, India had an installed wind energy capacity of just over 23.3 GW which the government targets to increase to 60 GW by 2022. To achieve this, the government is reportedly planning to launch the National Wind Energy Mission, on lines of the National Solar Mission.
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