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					</table><p>India-focused renewable energy platform <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> has announced $150 million in new equity to develop wind, solar, hybrid power, and energy storage projects across India.</p>
<p>Just Climate, an investment firm specializing in sustainable solutions, is the investor.</p>
<p>Continuum Green Energy is majority-owned by a global infrastructure fund managed by <a href="https://www.morganstanley.com/im/en-us/institutional-investor/about-us/investment-teams/real-assets/private-infrastructure-team.html" target="_blank" rel="noopener">Morgan Stanley Infrastructure Partners</a>.</p>
<p>Continuum is an India-focused renewable platform with most of its assets focused on the commercial &amp; industrial (C&amp;I) consumers.</p>
<p>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.</p>
<p>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.</p>
<p>Just Climate&#8217;s investment comes from its $1.5 billion Climate Asset Fund I, launched in 2023 to focus on industrial climate solutions.</p>
<p>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.</p>
<p>This marks Just Climate&#8217;s first investment in India, aligning with its mission to support industrial decarbonization in the Global South.</p>
<p>The company has previously secured $650 million through bond issuance and other financings, demonstrating its ability to attract diverse investment sources.</p>
<p>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.</p>
<p>Earlier, the company <a href="https://cms.mercomindia.com/sjvns-q1-fy-2025-profit-up-31-36/" target="_blank" rel="noopener">raised</a> $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.</p>
<p>Continuum was also one of the top solar open access project developers in the calendar year (CY) 2023, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">Mercom’s India Solar Market Leaderboard 2024</a>.</p>


Continuum Secures $150 Million in Equity Funding for Renewable Energy Projects


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					</table><p><a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>, <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a>, <a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax Enviro Energy</a>, <a href="https://www.fourthpartner.co/contact.html?gad_source=1&amp;gclid=CjwKCAjwupGyBhBBEiwA0UcqaElz82n_OMXV8WHlkeCrA0EWAKzbUXtqimjjNhnCo47oa7QbPrboRhoCNBEQAvD_BwE" target="_blank" rel="noopener">Fourth Partner Energy</a>, and <a href="https://ampin.energy/" target="_blank" rel="noopener">AmpIn Energy Transition</a> were the top solar open access developers in the calendar year (CY) 2023, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Leaderboard 2024</a>.</p>
<p>Open access solar installations in the calendar year (CY) 2023 <a href="https://www.mercomindia.com/indias-open-access-solar-in-2023-adding-3-2-gw" target="_blank" rel="noopener">totaled</a> 3.2 GW, up 5.7% from 3 GW installed in CY 2022, according to Mercom India&#8217;s <a href="https://www.mercomindia.com/product/q4-2023-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q4 &amp; Annual 2023 India Solar Open Access Report</a>. Cumulative solar installations in the open access market reached 12.2 GW as of December 2023.</p>
<p>O2 Power led the top open access developers list, accounting for 11% of the yearly capacity additions. Continuum Green Energy and CleanMax Enviro Energy ranked second and third, accounting for 7% and 6% of the annual installations. Fourth Partner Energy and AmpIn Energy Transition rounded off the top five, contributing 6% each to capacity additions.</p>
<p>The top five open access project developers accounted for almost 36% of the market share.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-Open-Access-Solar-Developers-in-India-2023-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66323 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-Open-Access-Solar-Developers-in-India-2023-2.png" alt="Leading Open Access Solar Developers in India 2023" width="702" height="472" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-Open-Access-Solar-Developers-in-India-2023-2.png 702w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-Open-Access-Solar-Developers-in-India-2023-2-300x202.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-Open-Access-Solar-Developers-in-India-2023-2-650x437.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-Open-Access-Solar-Developers-in-India-2023-2-624x420.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Leading-Open-Access-Solar-Developers-in-India-2023-2-600x403.png 600w" sizes="(max-width: 702px) 100vw, 702px" /></a></p>
<p>In 2023, O2 Power commissioned a 240 MW co-located wind-solar hybrid energy project in Karnataka. During the year, the company announced agreements with healthcare, data center, and shipping companies to supply solar power via open access.</p>
<p>Continuum Green Energy commissioned a 102.4 MW solar capacity of a 272.4 MW group captive wind-solar project in Tirunelveli, Tamil Nadu.</p>
<p>CleanMax Enviro Energy commissioned 200 MW solar capacity as a part of a 400 MW wind-solar hybrid project in Babra, Gujarat. The project is spread across 800 acres of land.</p>
<p>In 2023, India installed around 7.5 GW of large-scale solar projects, with open access installations accounting for 42.7% of the total.</p>
<p>Mercom&#8217;s India Solar Market Leaderboard report covers market share and ranking across India&#8217;s solar supply chain and provides the most accurate and comprehensive coverage of India&#8217;s solar industry leaders. For a detailed report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.</p>


O2 Power, Continuum and CleanMax: Top Open Access Developers in 2023


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					</table><p>India installed 2.8 GW of new wind energy capacity in 2023, a ~56% surge from 1.8 GW in 2022. The cumulative wind capacity as of December 2023 stood at 44.7 GW, compared to 41.9 GW at the end of 2022.</p>
<p>In the fourth quarter (Q4) of 2023, India added 552 MW of wind power capacity, representing a 141% year-over-year (YoY) increase, according to <a href="https://www.mercomindia.com/research" target="_blank" rel="noopener">Mercom India Research</a>. Installations in Q4 surged by 34% quarter-over-quarter.</p>
<p>The Ministry of New and Renewable Energy (MNRE) has included wind power in the Renewable Power Purchase Obligation (RPO) trajectory, with an eye on driving wind installations higher.</p>
<p>The increased demand for round-the-clock renewable energy has led to a rise in wind-solar hybrid projects across the country.</p>
<p>In Q4 2023, Gujarat and Tamil Nadu witnessed considerable growth in solar-wind hybrid renewable energy projects due to favorable policies and easier access to land as compared to other states in the country.</p>
<p>Apart from utility-scale installations, group captive hybrid power projects are also gaining pace in these states due to C&amp;I consumers&#8217; interest in procuring green power for longer durations.</p>
<p>&nbsp;</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-64292 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354.png" alt="India Wind Power Installations by Year" width="750" height="499" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354.png 750w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354-300x200.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354-650x432.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354-624x415.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354-600x399.png 600w" sizes="(max-width: 750px) 100vw, 750px" /></p>
<p>&nbsp;</p>
<p>Notable projects commissioned during the quarter were <a href="https://continuumenergy.in/" target="_blank" rel="noopener">Continuum</a>&#8216;s 67.5 MW wind-solar hybrid project in Tamil Nadu, JSW Renew Energy&#8217;s 51 MW of the Solar Energy Corporation of India&#8217;s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) Tranche IX project in Tamil Nadu, and <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>&#8216;s 50 MW of Phase-I Dayapar Wind Energy Project in Gujarat.</p>
<p>&nbsp;</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-64293 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117.png" alt="India Cumulative Wind Installations by State" width="730" height="487" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117.png 730w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117-300x200.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117-650x434.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117-624x416.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117-600x400.png 600w" sizes="(max-width: 730px) 100vw, 730px" /></p>
<p>Gujarat led the states for cumulative wind installations, accounting for 25.1% of the country&#8217;s total capacity. Tamil Nadu came next with 23.3%.</p>
<p>At the end of Q4, Karnataka had the third highest installations, representing 12.5% of the total wind capacity, and Rajasthan ranked fourth with 11.6%.</p>
<p>Maharashtra was fifth, accounting for 11.5% of the installed wind capacity during the quarter, followed by Andhra Pradesh (9.2%) and Madhya Pradesh (6.4%).</p>
<p>In December 2023, MNRE <a href="https://www.mercomindia.com/mnre-unveils-revised-wind-power-projects" target="_blank" rel="noopener">revised</a> its 2016 policy for repowering wind power projects to facilitate the replacement of older turbines.</p>
<p>Around the same time, the Ministry of External Affairs also <a href="https://www.mercomindia.com/rules-leasing-offshore-wind-sites" target="_blank" rel="noopener">issued</a> the Offshore Wind Energy Lease Rules 2023, notifying that leased areas for offshore wind energy projects will be valid for an initial three-year period for conducting resource measurements and surveys.</p>
<p>In a bid to harness the potential of offshore wind energy, Finance Minister Nirmala Sitharaman, in her Budget 2024 speech, <a href="https://www.mercomindia.com/budget-2024-free-electricity-rooftop-solar-vgf-offshore-wind" target="_blank" rel="noopener">announced</a> viability gap funding for offshore wind projects with a cumulative capacity of 1 GW. This financial support is expected to propel the development of offshore wind projects, contributing to India&#8217;s renewable energy goals.</p>
<p>Recently, SECI, on behalf of the National Institute of Wind Energy, <a href="https://www.mercomindia.com/seci-invites-offshore-wind-projects-in-tamil-nadu" target="_blank" rel="noopener">invited</a> bids for the allocation of sea-bed lease rights for 4 GW offshore wind power projects on a build-own-operate basis.</p>


India Registers 56% Growth in Wind Installations, Adds 2.8 GW in 2023


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					</table><p>India-focused renewable energy platform <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> has raised $350 million from two marquee global institutional investors to finance the expansion of its clean energy projects.</p>
<p>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.</p>
<p>Continuum Green Energy is majority-owned by a global infrastructure fund managed by <a href="https://www.morganstanley.com/im/en-us/institutional-investor/about-us/investment-teams/real-assets/private-infrastructure-team.html" target="_blank" rel="noopener">Morgan Stanley Infrastructure Partners</a>. Continuum is an India-focused renewable platform with most of its assets focused on the commercial &amp; industrial (C&amp;I) consumers, with 1.3 GW of operating and near-operational capacity and an additional 1.2 GW of projects nearing construction.</p>
<p>Founder &amp; CEO of Continuum Green Energy Arvind Bansal said, &#8220;Raising of funds from marquee investors reaffirms the faith of investors in Continuum&#8217;s business model and the company&#8217;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 &amp; Industrial (C&amp;I) consumers, enabling them to meet their sustainability goals economically.&#8221;</p>
<p>Managing Director at Morgan Stanley Infrastructure Partners Raja Parthasarathy said, &#8220;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&amp;I customers and wind-solar hybrid offerings. This marks another milestone in our 10-year fruitful partnership with Continuum.&#8221;</p>
<p>Last February, the International Finance Corporation, the World Bank Group&#8217;s financial arm,  extended its support to Continuum Green Energy by subscribing to 10% of the company&#8217;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.</p>
<p>In June, General Electric and Continuum Green Energy <a href="https://mercomindia.com/ge-acquires-stake-in-continuum-onshore-wind-project/" target="_blank" rel="noopener">announced</a> the financial close of GE Energy Financial Services&#8217; acquisition of a 49% stake in Continuum&#8217;s 148.5 MW Morjar onshore wind project in Gujarat.</p>


Continuum Raises $350 Million Debt for Expansion of Clean Energy Projects

<p>The International Finance Corporation (<a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">IFC</a>), the World Bank Group&#8217;s financial arm, has extended its support to <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> by subscribing to 10% of the company&#8217;s first green bond, which was listed on the Singapore stock exchange on February 10.</p>
<p>The offering raised nearly $561 million (~₹40.79 billion) and was oversubscribed. The company will use the proceeds from the bond&#8217;s issuance to refinance its existing debts, IFC said.</p>
<p>Continuum, one of the largest renewable energy providers to the commercial and industrial sectors in the country, has nearly 2 GW of wind and solar projects.</p>
<p>Arvind Bansal, CEO of Continuum, said, &#8220;We are delighted to continue our long-standing partnership with IFC through our first green bond. As a pioneer in the green bond market, IFC&#8217;s knowledge and successful track record as an issuer, investor, and adviser will continue to help stand our company on solid ground and support India in a resilient recovery from the pandemic. This offering enables us to diversify our sources of funding further, and we look forward to strengthening our partnership with global investors.&#8221;</p>
<p>IFC is one of the largest financiers of clean technology projects. Since 2005 it has invested $22.2 billion (~₹1.61 trillion) in long-term financing and has raised an additional $15.7 billion (~₹1.14 trillion) from other investors for clean energy and climate-related projects.</p>
<p>Isabel Chatterton, regional industry director for natural resources and infrastructure, Asia Pacific at IFC, said, &#8220;IFC&#8217;s investment will help Continuum maintain sustainable power generation across India and position it to deliver projects under development as the country emerges from the pandemic. It will also help support India in its ambitions to reduce greenhouse gas emissions, at a time when private capital is most needed to fund infrastructure projects and support green, resilient economic recovery.&#8221;</p>
<p>According to a report by the Climate Bonds Initiative, global green bond issuance <a href="https://mercomindia.com/green-bond-issuance-reached-record-high/" target="_blank" rel="noopener">reached</a> a record high of $269.5 billion (~₹19.59 trillion) in 2020, a 1.12% increase compared to $266.5 billion (~₹19.37 trillion) in 2019, due to a late surge in the second half of 2020.</p>
<p>In October last year, ReNew Power, an Indian independent power producer, <a href="https://mercomindia.com/renew-power-raises-green-bonds/" target="_blank" rel="noopener">raised</a> around $325 million (~₹23.63 billion) through overseas green bonds. Earlier, CLP Wind Farms (India) <a href="https://mercomindia.com/clp-wind-farms-raises/" target="_blank" rel="noopener">raised</a> ₹2.96 billion (~$40.51 million) from its green bonds.</p>


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