Continuum Wind in talks with Olympus to raise ₹450 crore

MUMBAI: Continuum Wind Energy, a renewable energy firm controlled by Morgan Stanley Infrastructure Partners, is in talks with private equity firm Olympus Capital Asia to raise structured credit financing of around ₹450 crore ($70 million), two people aware of the development said. Morgan Stanley Infrastructure Partners, which manages over $4 billion globally, invested $212 million in Singapore-based Continuum Wind in 2012. The India-focussed Continuum was set up in 2009 by Arvind Bansal and Vikash Saraf.

“Continuum is in talks to raise structured credit financing from Olympus Capital Asia. They are talking about raising ₹300-450 crore from Olympus. The talks are at an advanced stage,” said one of the two people cited above, requesting anonymity as the talks are private. The capital would be used by Continuum to refinance part of its existing debt obligations, he added.

Morgan Stanley and Olympus Capital declined to comment on the development. Emails sent to Arvind Bansal did not elicit any response.

In July, Continuum withdrew an offshore dollar bond issuance, aimed at refinancing the company’s debt obligations.

Continuum has a portfolio of about 2.2 gigawatts (GW) of generation capacity, of which 404 megawatts (MW) is operational, 150 MW is under construction, 450 MW is ready to construct, and the rest is under development, rating agency Fitch Ratings said in a July note.