Morgan Stanley-owned Indian commercial and industrial renewables developer Continuum Green Energy Ltd had a helping hand from the International Finance Corporation (IFC) as it launched its first green bond.
The IFC private-sector arm of multilateral development lender the World Bank invested in 10% of the over-subscribed financial instrument as Continuum raised $561 million (INR4,080 crore) to refinance its debts.
The developer, which provides solar and wind projects for commercial customers in India, and has been controlled by U.S. finance giant Morgan Stanley since 2012, claims to have developed 2 GW of clean power generation capacity across India to date.
Green finance
Last year, pv magazine took a deep dive into the topic of green finance and what it means for solar industry players, as a part of our UP initiative. Topics included the European Green Deal, regional growth opportunities, green bonds, and the role of the carbon bubble. Browse our coverage and get involved!
In a press release issued by the IFC in New Delhi today, Isabel Chatterton – regional industry director for natural resources and infrastructure in Asia Pacific for the institution – said: “We are excited to partner with Continuum for its first green bond. IFC’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 a green, resilient economic recovery.”
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.