Mumbai-based Continuum Green Energy Ltd has tapped the International Finance Corporation (IFC) to anchor its first green bond.

IFC has subscribed to 10 per cent of Continuum Green Energy’s first green bond, which listed on the Singapore stock exchange on February 10. The offering raised $561 million and will primarily be used to refinance existing debt.

Continuum is a provider of renewable power to corporates in the commercial and industrial sectors in India, with roughly two gigawatts of wind and solar projects across the country. The company is majority-owned by a $4-billion global infrastructure fund managed by Morgan Stanley Infrastructure Partners, that focuses on long-term investments in infrastructure assets across the globe. IFC’s investment continues a relationship that began in 2014, when IFC financed Continuum’s development of a wind farm in Madhya Pradesh.

Arvind Bansal, Chief Executive Officer, Continuum, said: “As a pioneer in the green bond market, IFC’s wealth of knowledge and successful track record as an issuer, investor and adviser will continue to help stand our company on solid ground and support India in a resilient recovery from the pandemic. This offering enables us to further diversify our sources of funding, and we look forward to strengthening our partnership with global investors as we continue to build and grow our business.”

Raja Parthasarathy, Managing Director at Morgan Stanley Infrastructure Partners, added: “From the very beginning, Continuum has chosen to focus on operational excellence and profitability over scale, and simultaneously strived to set the industry standard for its ESG practices. IFC’s anchor support for the company’s inaugural green bond issue validates the company’s strategy, and we are delighted to have yet another opportunity to deepen our institutional partnership.”

Continuum was founded in 2009 by a professional management team with a focus on establishing a large independent renewable power producing business in India.

Published on February 11, 2021