Investment bank Morgan Stanley has reportedly hired Citibank to search for a majority stake buyer in its renewable energy group, Continuum Green Energy. Citibank received the mandate for selling the majority stake of Morgan Stanley in Continuum Green Energy and have initiated the process, according to a subject matter expert.

Morgan Stanley’s stake in the Continuum Wind Energy group is apparently available after companies like Statkraft of Norway and U.S.-based SunEdison Inc. showed interest in the asset.

Currently, Continuum Green has a portfolio of around 2 GW out of which close to 757.4 MW is operational and 428 MW is yet to be constructed. Its existing projects are situated in the states of Maharashtra, Gujarat, Tamil Nadu, and Madhya Pradesh.

North Haven Infrastructure Partners, a Morgan Stanley Infrastructure Partners-managed fund founded in 2009 by Vikash Saraf and Arvind Bansal, invested around USD 212.03 million in Continuum in 2012. Bansal, the Chief Executive Officer at Continuum, supposedly declined to comment on any market speculation.

Apparently, ReNew Power Ventures Pvt has also expressed interest in the majority stake of Morgan Stanley in Continuum Green Energy. The transaction offer comes along the heels of large deals returning to the green energy space of India. The latest case being Actis Llp, the private equity company, which indicated interest in the Indian clean energy platform of USA-based Global Infrastructure Partners, Vector Green Energy.

In India’s push for green energy sources, wind and solar energy generation recorded over 43.1 GW, an all-time high on July 27.

For the record, Morgan Stanley is a New York-based multinational investment bank. It has offices in over 42 countries and has over 60,000 employees. The company’s clients include governments, corporations, individuals, and institution. Morgan Stanley was ranked 67 in the 2018 list of Fortune 500 companies in terms of revenue.

Source credits:

https://www.moneycontrol.com/news/business/morgan-stanley-hires-citibank-to-find-buyer-for-majority-stake-in-continuum-green-energy-report-7295541.html