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.
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.”
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