India-focused renewable energy platform Continuum Green Energy has announced $150 million in new equity to develop wind, solar, hybrid power, and energy storage projects across India.

Just Climate, an investment firm specializing in sustainable solutions, is the investor.

Continuum Green Energy is majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Partners.

Continuum is an India-focused renewable platform with most of its assets focused on the commercial & industrial (C&I) consumers.

The new equity investment is expected to enhance Continuum’s renewable energy capacity and meet the growing demand for clean energy from commercial and industrial consumers.

The partnership with Just Climate marks a crucial step for Continuum as it seeks to expand its portfolio of renewable energy projects. Continuum currently operates approximately 2.2 GW of wind and wind-solar-hybrid power projects and plans to add another 1.3 GW in the next two years.

Just Climate’s investment comes from its $1.5 billion Climate Asset Fund I, launched in 2023 to focus on industrial climate solutions.

Tushar Kumar, a partner at Just Climate, emphasized the importance of this investment in displacing coal power generation and achieving reductions in greenhouse gas emissions.

This marks Just Climate’s first investment in India, aligning with its mission to support industrial decarbonization in the Global South.

The company has previously secured $650 million through bond issuance and other financings, demonstrating its ability to attract diverse investment sources.

Just Climate, established by Generation Investment Management, aims to mobilize capital for climate solutions in high-emission sectors. The firm is dedicated to prioritizing climate-led investing for institutional investors worldwide.

Earlier, the company raised $350 million from two marquee global institutional investors to finance the expansion of its clean energy projects. Continuum raised the debt by issuing senior secured floating rate notes.

Continuum was also one of the top solar open access project developers in the calendar year (CY) 2023, according to Mercom’s India Solar Market Leaderboard 2024.