Continuum Wind Energy, backed by Morgan Stanley Infrastructure Partners LP, received a 9-billion rupee ($164 million) loan from banks for a wind farm in India.
The lenders led by the State Bank of India issued letters of credit to the local unit of Vestas Wind Systems A/S, Continuum’s Chief Executive Officer Arvind Bansal said in an interview. The wind farm operator has placed orders for 40 wind turbines with Vestas.
Continuum, based in Singapore, plans to start generating power from its 175-megawatt wind project in the western Indian state of Maharashtra by the end of this year, Bansal said. The company has 44 megawatts of installed wind capacity in India at present.
Electricity generated from the new plant will be sold to the Maharashtra State Electricity Distribution Co., Bansal said. Continuum is majority owned by Morgan Stanley Infrastructure Partners, according to its website.