Business News

Continuum Green Energy Limited (CGEL), an independent power producer (IPP) which identifies, develops, constructs and operates renewable energy projects in India, received capital markets regulator Sebi go ahead to raise Rs 3,650-crore through an IPO.The company had filed the DRHP in December 2024 and obtained its observation letter on April 15, an update with the Sebi showed.The proposed IPO is a combination of a fresh issue of equity shares valued Rs 1,250 crore and an offer for sale (OFS) of equity shares worth Rs 2,400 crore by promoter Continuum Green Energy Holdings.The company proposes to utilize the funds from the fresh issue to repay or partially repay certain loans taken by its subsidiaries, including accrued interest, by investing Rs 1,100 crore in these subsidiaries. The remaining funds will be allocated for general corporate purposes.Incorporated in 2007, Continuum Green Energy owns and operates large wind projects and large wind-solar co-located/hybrid projects in India, with a total operational capacity of 2.22 GWp and under-construction capacity of 1.31 GWp. Of the entire 3.52 GWp capacity, it has a balanced split of energy source between wind and solar capacity.As of June 30, 2024, Continuum Green Energy Limited had PPAs with more than 170 diversified, high credit quality C&I consumers for green energy supply.In 2024, Continuum Green Energy received primary equity investment from JC Infinity (B) Limited, an affiliate of a fund advised by Just Climate LLP.On the financial front, the company's revenue from operations increased 33.45 per cent to Rs 1,294 crore in fiscal 2024 from Rs 970 crore in fiscal 2023.Kotak Mahindra Capital, Ambit, Citigroup Global Markets India, and JM Financial are the book running lead managers to the offer.