Continuum Green Energy Secures $150 Million Investment from Just Climate for India’s Renewable Expansion

Continuum Green Energy, a leading renewable energy company in India specializing in solutions for commercial and industrial sectors, has entered into a definitive agreement with Just Climate, an investment firm focused on addressing high-emission sectors. Under the agreement, Just Climate will inject INR 12.56 billion (approximately USD 150 million) in new equity to support Continuum’s expansion of wind-solar-hybrid energy generation and storage projects across India.

The investment is subject to regulatory and third-party approvals, as well as the fulfillment of other conditions precedent.

Continuum’s projects are designed to help customers reduce their carbon footprint by providing clean, affordable, and reliable renewable energy. Despite India’s ambitious target of achieving 500 GW of installed non-fossil fuel capacity by 2030, the nation faces significant challenges due to the scale of private equity required. Currently, about 72% of India’s electricity is generated from coal, and the demand is expected to grow by 35% between 2019 and 2030. In 2022, India added 16 GW of new wind and solar capacity, but this figure dropped to 13 GW in 2023.

Commenting on the investment, Arvind Bansal, Co-founder and CEO of Continuum, expressed enthusiasm about the partnership with Just Climate. “Just Climate brings a world-class team with deep expertise in renewable energy and sustainability, making them an ideal partner as we embark on our next phase of growth,” said Bansal. “This equity raise, along with our earlier financing transactions in the bond and credit markets, strengthens Continuum’s position to continue its fast-paced and profitable growth strategy.”

Continuum currently operates a portfolio of approximately 2.2 GW of wind and wind-solar-hybrid projects and plans to add an additional 1.3 GW over the next 24 months to meet growing demand.

Just Climate will make the investment through its $1.5 billion Climate Asset Fund I, launched in 2023 to focus on industrial climate solutions, particularly in the Global South. Tushar Kumar, a Partner at Just Climate, stated, “Continuum’s efforts to displace coal power generation align with our mission of achieving significant greenhouse gas emissions reductions while managing environmental and social impacts.”

North Haven Infrastructure Partners I, managed by Morgan Stanley Infrastructure Partners, has been an investor in Continuum since 2012. Raja Parthasarathy, Managing Director at Morgan Stanley Infrastructure Partners, praised Continuum for delivering high-quality projects and diversifying its financing sources to optimize capital costs.

This new equity investment follows a recent $650 million bond issuance and other financings secured by Continuum from a range of institutional investors.