Continuum Wind Energy in talks with Olympus Capital to raise Rs450 crore

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 is currently in talks to raise structured credit financing from Olympus Capital Asia. They are talking about raising around Rs300-450 crore from Olympus. The talks are at an advanced stage,” said one of the two people cited above, requesting anonymity as the talks are private.

The capital would be used by Continuum to refinance part of its existing debt obligations, he added.

Morgan Stanley and Olympus Capital declined to comment on the development. Emails sent to Arvind Bansal did not elicit any response.

In July, Continuum withdrew an offshore dollar bond issuance, aimed at refinancing the company’s debt obligations. According to a Financial Express report, Continuum Wind was looking to raise around $400 million through the proposed bond offering.

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