Continuum Wind bags USD 150m in loans for 170-MW wind project in India
Sep 11, 2014 - Singapore-based Continuum Wind Energy has secured a total of USD 150 million (EUR 116m) in loans to support the development of a 170-MW wind project in the Indian state of Madhya Pradesh.
The International Finance Corporation (IFC), a member of the World Bank Group, said in a statement on Thursday it will lend USD 50 million for the purpose to D J Energy Pvt Ltd and Uttar Urja Projects Energy Pvt Ltd, the two Continuum fully-owned units that will develop the scheme. Moreover, IFC added that it had assisted in mobilising a USD-100-million loan for the project from India’s Yes Bank Ltd (BOM:532648).
In June, Indian firm Inox Wind said it has won a INR-9-billion (USD 148m/EUR 114m) order to supply 85 pieces of 2-MW wind turbines to Continuum for the scheme in Madhya Pradesh. The proposed plant will be able to produce some 330 GWh of electricity a year.
“IFC’s investment in renewable energy in India will balance the country’s energy mix, and improve its energy security,” said Serge Devieux, IFC’s regional director for South Asia. The institution has so far committed about USD 340 million to renewable energy projects in India. The goal of the Asian country is to generate 15% of power from green energy sources by 2020.
Backed by Morgan Stanley Infrastructure Partners, Continuum has achieved a total installed wind capacity of some 150 MW. It is currently building 260 MW of projects and has an additional 580 MW under development.