Olympus Capital To Inject $70 Million Into Morgan Stanley-Backed Wind Company
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Continuum Wind Energy entered the long list of Indian or India-based renewable energy companies looking to sell stakes to access fresh capital.
Continuum Wind Energy, controlled by Morgan Stanley Infrastructure Partners, could secure funding worth $70 million from private equity firm Olympus Capital Asia. The funds raised will be used by Continuum to retire its existing debt. The fundraising talks are still in progress.
Continuum Wind Energy is a pure wind energy developer with assets of 2.2 gigawatts of operational or under-construction capacity. The company, like several of its competitors, has not diversified into the solar market.
However, the company, like all wind energy developers, is now feeling the aggressive competition that has been recently introduced and has increased significantly. Wind energy developers are unable to add any capacity under the states’ feed-in tariff regime and are completely dependent on auctioned announced by the central or state governments.
The company has been looking to raise funds from several different sources ever since it missed the boat on being acquired by SunEdison. In mid-2015, SunEdison was reported to have shown interest in acquiring just 400 megawatts of the portfolio of Continuum Wind Energy at an estimated $600 million. The deal obviously fell through following the bankruptcy of SunEdison. Continuum scouted for funds from Canadian and Dutch pension funds in the aftermath.
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