North Haven Infrastructure Partners had invested $212.03 million in Continuum in 2012 and holds around 83 per cent stake in the clean energy platform
Gurugram-based renewable energy firm ReNew Power Ventures has shown its interest in buying US investment bank Morgan Stanley’ majority stake in sister renewable energy firm Continuum Green Energy (India) Pvt. Ltd, a recent report said.
Quoting two people aware of the matter, Livemint reported that ReNew Power is looking at acquiring Morgan Stanley’s majority stake in Continuum.
Morgan Stanley Infrastructure Partners’ North Haven Infrastructure Partners had invested $212.03 million in Continuum in 2012 and holds around 83 per cent stake in the clean energy platform founded by Arvind Bansal and Vikash Saraf in 2009.
This is not the first time that an entity has aspired to take over the investor’s stake. Norway’s state-run electricity firm Statkraft and US-based renewable energy producer SunEdison Inc. had previously initiated plans to acquire Continuum, although they never saw the light of day.
ReNew Power’s interest in Continuum follows its proposed merger with Nasdaq-listed special purpose acquisition company (SPAC) RMG Acquisition Corp. II (RMG II) at an enterprise value of around $8 billion announced in February this year, said the publication.
This comes against the backdrop of India’s low clean power tariffs and a shift in focus in the global energy landscape towards environmental, social and governance (ESG) investing.
Continuum currently has 807.4 megawatts (MW) of operational wind and solar assets. In addition, it has 1.07 gigawatts (GW) capacity under various stages of development.
The statement, however, could not be verified by either of the three parties.