India-focused renewable energy platform Continuum Green Energy has 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. The fund-raising round provided the investors with an option to issue an additional $50 million on fulfilling certain conditions.

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, with 1.3 GW of operating and near-operational capacity and an additional 1.2 GW of projects nearing construction.

Founder & CEO of Continuum Green Energy Arvind Bansal said, “Raising of funds from marquee investors reaffirms the faith of investors in Continuum’s business model and the company’s focus on building high-quality projects. With these funds, the company aims to expand its portfolio to 2.5 GW, mostly as wind and solar hybrid projects, servicing Commercial & Industrial (C&I) consumers, enabling them to meet their sustainability goals economically.”

Managing Director at Morgan Stanley Infrastructure Partners Raja Parthasarathy said, “We are happy that Continuum receives this investment and are excited for the growth that the company may realize while deepening their franchise with C&I customers and wind-solar hybrid offerings. This marks another milestone in our 10-year fruitful partnership with Continuum.”

Last February, the International Finance Corporation, the World Bank Group’s financial arm,  extended its support to Continuum Green Energy by subscribing to 10% of the company’s first green bond, which was listed on the Singapore stock exchange. The offering raised nearly $561 million and was meant to refinance its debt.

In June, General Electric and Continuum Green Energy announced the financial close of GE Energy Financial Services’ acquisition of a 49% stake in Continuum’s 148.5 MW Morjar onshore wind project in Gujarat.