Morgan Stanley invests $210m in Continuum Wind Energy
Morgan Stanley Infrastructure Partners has agreed to buy a majority stake in Continuum Wind Energy for INR12 billion ($210 million). The Singapore-based company, which was set up Essar Group executive Vikas Saraf and investment banker Arvind Bansal, runs wind farms in India.
Continuum will issue preference shares to Morgan Stanley which will convert to equity at a later date, giving the US firm a 50% stake, a banker familiar with the transaction told The Times of India. Mumbai-based advisory group o3 Capital advised Continuum on the deal.
The company was founded in 2010 through the acquisition of wind assets from Vestas. It operates wind farms with a capacity of 36 megawatts in Kutch and Sangli in Gujarat and has agreements to develop a further 175 MW at Satara in Maharashtra.
India's wind energy sector is said to have seen 30% annual capacity growth in the last decade and now has the world's fifth-largest installed capacity, at 16,000 MW.
Last year Goldman Sachs' private equity arm committed INR10 billion for a majority stake in ReNew Wind Power.
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