Morgan Stanley to acquire majority stake in Continuum Wind Energy for Rs1,200 crore
25 Jun 2012
Morgan Stanley Infrastructure Partners, a unit of the New York-based investment bank, today agreed to acquire a majority stake in privately-held Singapore-based India-focused Continuum Wind Energy for about Rs1,200 crore ($210.1 million), The Times of India reported.
Continuum Wind Energy was advised on the deal by investment bank o3 Capital. The deal closed last week, the paper report.
Founded in 2010 by Essar Group director Vikas Saraf and investment banker Arvind Bansal, Continuum Wind Energy started operations with the acquisition of Surajbari WindFarm Development Private Limited from Danish wind energy company Vestas.
The company operates 36 MW in Kutch in Gujarat, and is developing an additional 175 MW at Satara in Maharashtra.
India is the world's fifth-largest generator of wind power, accounting for 6 per cent of the country's installed power capacity and generates 1.6 per cent of India's total power.
Tamil Nadu has the highest installed wind power capacity followed by Gujarat and Karnataka. With an installed capacity of nearly 6000 MW, wind energy accounts for over 15 per cent of the power generated in Tamil Nadu.
