The equity raised will support the further deployment of wind-solar-hybrid and storage projects across India.
London-based investment manager Just Climate has announced it is to invest INR 12.56bn (€134m) in India’s renewable energy group Continuum Green Energy. The investment will support Continuum’s continued deployment of wind-solar-hybrid energy generation and storage projects across India.
Continuum’s energy projects assist customers in reducing carbon emissions by providing clean, affordable, and reliable renewable energy. About 72% of India’s electricity is coal-based, with demand expected to increase by 35% between 2019 and 2030. Despite India’s goal of achieving 500 GW of non-fossil electric capacity by 2030, the large amount of private equity needed presents a significant challenge to reaching this target.
Commenting on the announcement, Arvind Bansal, co-founders and CEO of Continuum, said: “We know that building renewable power comes with challenges, and so welcome Just Climate’s expertise as we embark on our next phase of growth and value creation for all our stakeholders. This equity raise, together with our earlier financing transactions in the bond and credit markets, puts Continuum on a strong footing to continue executing its differentiated, fast-paced and profitable growth strategy.”
Just Climate will invest in Continuum from its $1.5bn (€1.3bn) Climate Assets Fund I, launched in 2023 to focus on industrial climate solutions, as covered by Impact Investor.
Tushar Kumar, partner of Just Climate, said: “Continuum’s deployment of renewable energy will help displace coal power generation, realising the type of significant greenhouse gas emissions abatement that we at Just Climate look for in our investments while also managing impacts on people and planet. Continuum is the first investment in India from our industrial decarbonisation fund and complements our portfolio of other industrial decarbonisation solutions in the United States and Europe.”
Just Climate joins previous investor in Continuum, North Haven Infrastructure Partners I, managed by Morgan Stanley Infrastructure Partners, which invested in the renewable energy group in 2012. This latest investment follows the recent $650m bond issuance and previous financings completed by Continuum, involving a range of institutional investors.
