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MUMBAI : Continuum Green Energy Ltd, Singapore on Wednesday said that it has raised $350 million in debt by issuing senior secured floating rate notes to two international institutional investors.
The renewable energy producer, majority-owned by a Morgan Stanley a infrastructure fund , also said it has the option to issue an additional $50 million on fulfilling certain conditions.
Continuum is an India-focused renewable energy platform focusing on commercial & industrial (C&I) consumers, with 1.3 gigawatts (GW) of operating and near-operational capacity and an additional 1.2 GW projects planned for near-term construction.
The notes have a tenure of 3.5 years and the proceeds will be partly used to refinance debt and finance construction of projects. The floating rate is linked to the Secured Overnight Financing Rate.
“Raising of funds from marquee investors re-affirms the faith of investors in Continuum’s business model and the company’s focus on building high-quality projects. With these funds, the company aims to expand its portfolio to 2.5 GW, majority of which are wind and solar hybrid projects, servicing commercial & industrial (C&I) consumers, enabling them to meet their sustainability goals economically,” said Arvind Bansal, founder and CEO of Continuum.
“The international debt capital markets continue to remain volatile on account of rising interest rates and geopolitical tensions. Adverse market conditions notwithstanding, capital remains available for strong credit and the right structures,” said Sameer Gupta, head, India debt capital markets, Deutsche Bank AG, which advised Continuum on the transaction.
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