Continuum Green acquires full control from CEIL ahead of IPO

Continuum Green Energy Holdings will acquire the remaining 26% stake in Continuum Green Energy from Clean Energy Investing (CEIL), giving it full ownership ahead of a planned initial public offering (IPO). The share purchase agreement was signed on September 23.

With this acquisition, founders Vikash Saraf and Arvind Bansal will have 100% control of the company. CEIL, backed by Morgan Stanley Infrastructure Partners, has been a shareholder since 2012 and will exit entirely following this sale. In May, CEPL had raised its stake to 74% through the conversion of CEIL’s convertible securities.

The IPO is expected to be valued at Rs 3,650 crore, with Rs 1,250 crore as fresh equity and Rs 2,400 crore offered through an offer-for-sale component.

Continuum Green Energy Holdings has a total renewable energy capacity of 3.50 gigawatts (GW), including 2,235.40 megawatts (MW) operational and 1,289.60 MW under construction.