Continuum Wind Energy, a renewable energy firm controlled by Morgan Stanley Infrastructure Partners, is in talks with private equity firm Olympus Capital Asia to raise structured credit financing of around Rs450 crore ($70 million), two people aware of the development said.
Morgan Stanley Infrastructure Partners, which manages over $4 billion globally, invested $212 million in Singapore-based Continuum Wind in 2012. The India-focussed Continuum was set up in 2009 by Arvind Bansal and Vikash Saraf.
Continuum has a portfolio of about 2.2 gigawatts (GW) of generation capacity, of which around 404 megawatts (MW) is operational, 150MW is under construction, 450 MW is ready to construct, and the rest is under development.
Olympus Capital provides structured credit financing through its arm Olympus Capital Asia Credit (OCA Credit), which was set up in 2013. If the deal goes through, it will be the second renewable energy transaction for Olympus Capital in India. The first one was with Suzlon Energy Ltd.
The capital would be used by Continuum to refinance part of its existing debt obligations, he added.