Continuum Green Energy Receives SEBI Nod for ?3,650 Crore IPO Launch

24 Apr 2025

Continuum Green Energy Ltd, an independent power producer, has received approval from SEBI to launch its ?3,650 crore initial public offering (IPO), according to an update on Monday. As per the draft red herring prospectus (DRHP), the proposed IPO comprises a fresh issue of equity shares amounting to ?1,250 crore and an offer for sale of shares worth ?2,400 crore by the promoter, Continuum Green Energy Holdings Ltd.

The update states that the company, which filed its draft papers with SEBI in December, received its observation letter on April 15. In SEBI's terminology, receiving an observation letter signifies the regulator's approval for the company to proceed with its public issue.

The company intends to utilise the funds from the fresh issue primarily to repay or partially settle certain loans, along with accrued interest, owed by its subsidiaries, with an investment of ?1,100 crore directed towards these subsidiaries, according to the draft papers. Additionally, a portion of the funds will be allocated towards general corporate purposes.

Continuum Green specialises in identifying, developing, constructing, and operating renewable energy projects across India. The company primarily focuses on providing green power to commercial and industrial (C&I) consumers while also serving state and central distribution utilities and power exchanges.

Founded in 2007, Continuum Green Energy specialises in the ownership and operation of large-scale wind and wind-solar hybrid projects across India. With a total operational capacity of 2.22 GWp and an additional 1.31 GWp under construction, the company proudly boasts a combined capacity of 3.52 GWp, with the capacity equally split between wind and solar energy sources.

As of June 2024, Continuum Green has successfully secured PPAs with over 170 C&I consumers, ensuring a reliable and sustainable supply of green energy to meet their expanding sustainability goals. The company saw a robust 33.45% growth in its financial performance, with revenues from operations soaring to ?1,294 crore in fiscal 2024, up from ?970 crore in fiscal 2023, underscoring its impressive operational success and sustained growth over the past year.