Morgan Stanley-controlled Continuum Wind Energy is in international markets with a USD 560-million dollar-denominated green bond issue, according to two merchant banking sources.
The city-based green energy player that began operations in June 2009 has grown through a string of acquisitions of wind and solar assets, and currently has a portfolio of about 2 gw, of which 757.4 mw are operational across Gujarat, Maharashtra, Madhya Pradesh, and Tamil Nadu; and 428 mw in the construction stage.
The company is in the dollar bond market with a 6-year-green bond issue worth USD 560 million. The weighted average life of the bond is 5.1 years, one of the sources told on Tuesday.
IFC Washington is an anchor investor to the issue for which the initial price guidance was 4.875 per cent over the US treasury.
Since January, domestic issuers have raised USD 2 billion in forex debt with the Exim Bank opening the market with a USD 1 billion in the first week of January, which was soon followed by SBI with a USD 600 million issue, Adani NSE -3.25 % Ports (USD 500 million) and PFC (USD 350 million).
Companies are tapping the forex debt market given the record low-interest rates to pay back the higher-priced loans.
Continuum is now majority-owned by North Haven Infrastructure Partners, a USD 4-billion global infrastructure investment fund managed by Morgan Stanley Infrastructure Partners that focuses on long-term investment in infra assets across the globe.
NSE -3.77 %, the IFC,
NSE -5.11 %, Indian Renewable Energy Development Agency, India
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Source: PTI
