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.