SunEdison may soon buy Continuum Wind Energy, making it India’s biggest clean energy buy
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India might soon be completing the biggest clean-tech acquisition deal. If all goes well, the largest renewable energy development company in the world by generation capacity, SunEdison will be buying Mumbai-based Continuum Just when the Prime Minister has been pushing for
As per a news report in The Economic Times, Indian clean energy sector has already seen international players like
The news report further says, originally founded by an investment banker turned
MSI, a $4-billion global platform, is part of the global financial services firm's private investment unit which invests directly in companies. In 2012, MSI had invested $200 million (Rs 1,200 crore) into the company through a convertible instrument to buy a majority stake. Till date, they have already deployed around $160 million, said sources.
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Both MSI and the erstwhile promoters are expected to cash out post takeover but Bansal and the senior management will stay on for 3-4 years. By the end of the fiscal year ending March 31, 2016, Continuum is expected to have a portfolio of 500 mw of operating assets spread across wind parks in MP, Gujarat and Maharashtra. Analysts tracking the sector estimate that the company should close FY15 with Rs 400 crore of revenue.
The ET further says, earlier this year, the SunEdison signed an agreement with Adani Enterprises for a $4-billion joint venture to build solar panels in Gujarat. "SunEdison has been scaling up in India, especially in wind. In May, they acquired two renewable energy portfolios totalling 140 mw. This includes the India wind portfolio of around 100 mw of Spain-based FersaEnergias Renovables SA," said an energy consultant who tracks the space.
"Globally too, they are adding to their wind portfolio significantly through buyouts," he added. Last November, it agreed to take over First Wind, one of the largest wind power developers in the
(Image: Wikimedia)
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