Eastspring to invest in Continuum Wind Energy Unit

Eastspring to invest in Continuum Wind Energy Unit
09/06/2017 , by , in ALLIED

East spring Investments, the Asian asset management arm of Prudential Plc, has agreed to invest in a subsidiary of Morgan Stanley-backed Continuum Wind Energy Ltd, as it seeks more opportunities for such investments across Asia.

The investment in Watsun Infrabuild Pvt. Ltd will be East spring’s first bet on India’s infrastructure sector, the company said in a statement. The deal is likely to close this month.

The statement didn’t disclose the amount East spring has committed but said that this is a structured equity deal. East spring is exploring other opportunities in the renewable energy and infrastructure sectors in India and Asia, it added.

“Watsun represents a compelling investment opportunity with its robust business model, experienced promoter, advanced turbines, dedicated substation and quality wind data,” said Tony Adams, the CIO of infrastructure at East spring.

The funding from East spring will be used for financing the second phase of an under-construction wind energy project in Tamil Nadu. Watsun had earlier achieved financial closure for the first phase of the 150-MW project.

“Wind farms like these are particularly attractive to long-term investors, such as Eastspring, and we look forward to working closely with the Continuum team to further develop the business elsewhere,” said Adams.

Raja Parthasarathy, managing director at Morgan Stanley Infrastructure, said Continuum is well-positioned to capture the growth in India’s wind energy market.

Continuum Wind was set up by investment banker Arvind Bansal, former Essar Group director Vikash Saraf, former Wipro executive Sukant Gupta, former executive of Asian Pulp & Paper Ashish Swarup, and banker Gautam Chopra.

About admin

Loading...