Finance, Other, Wind

State Bank of India led consortium funds Rs. 9 billion for 175 MW wind farm of Continuum Wind Energy

A consortium led by the State Bank of India (SBI) funded Rs. 900 crore  to Bothe Windfarm Development, a project company of Continuum Wind Energy.

The funds have been raised to develop 175 MW green field wind power project in Maharashtra.

Amicus, Advocates & Solicitors advised Bothe Windfarm Development while Desai & Diwanji advised the consortium .

In June last year, Morgan Stanley Infrastructure Partners, an arm of the US investment bank, agreed to pay Rs 12 billion to buy a majority stake in a Continuum Wind Energy, highlighting the increasing interest of US private equity firms in Indian renewable assets.

Singapore-based Continuum Wind Energy –  promoted by  IIM-Ahmedabad classmates Arvind Bansal and Vikash Saraf of Essar Group – issued preference shares to Morgan Stanley to be converted into equity at a later date.

In September last year, Suzlon Energy Ltd and Continuum Wind Energy have entered into a contract for the supply, erection and commissioning of 40 units of S95 – 2.1 MW turbines, corresponding to 84 MW in FY2012-13.

 

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