Morgan Stanley Infrastructure Partners-backed Singapore's Continuum Wind Energy Pte Ltd has acquired DJ Energy Pvt Ltd and Uttar Urja Power Projects Pvt Ltd from Delhi-based Sravanthi Group for an undisclosed amount.
BMR Legal acted as the legal advisor to Continuum Wind and SB Partners advised the Sravanthi Group on the transaction.
DJ Energy and Uttar Urja Power Projects own and operate 98.7 MW and 80 MW wind farms in Ratlam and Mandsaur districts in Madhya Pradesh, respectively.
Continuum Wind was set up in 2010 by Arvind Bansal, an investment banker; Vikash Saraf, a former Essar Group director; Sukant Gupta, a former Wipro executive; Ashish Swarup, a former executive of Asian Pulp & Paper and Gautam Chopra, a banker. Continuum Wind started operations in India through its acquisition of Surajbari Wind Farm Development Pvt Ltd, operating in Kutch, in 2010.
The firm plans to start generating power from its 175-megawatt wind project in Maharashtra by the end of this year. Currently, the firm has operating capacity of 43 MW, selling electricity to industrial consumers. It has offices in Mumbai, Pune, Satara and Jaipur.
In March this year, Continumm Wind received a $164 million loan from banks for setting up a wind farm in India.
The firm is majority owned by Morgan Stanley Infrastructure Partners which invested around Rs 1,200 crore for a majority stake in it last year.
(Edited by Joby Puthuparampil Johnson)