Continuum Green (IFC-45140)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Daloda and Piploda taluka in Mandsaur and Ratlam district of Madhya Pradesh
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 27, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Continuum Energy Levanter Pte. Ltd.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 75.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 600.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 27, 2021

Disclosed by Bank Feb 18, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank's website, "Continuum Energy Levanter Pte Ltd. (‘Issuer’), a wholly owned SPV of Continuum Green Energy Ltd, Singapore (‘Continuum’ or ‘the Company’) aims to issue its maiden green bond of US$500-600 million, to be listed on the SGX. The proceeds of the Green Bond will be used to refinance the project debt at six of its operating entities of the Continuum Group which together will form part of a bond issuing Restricted Group (“RG1”). RG1 has an aggregate capacity of 722.9MW, comprising operational wind and solar assets which have the States of Madhya Pradesh and Maharashtra as off takers and Power Purchase Agreements with C&I customers in the States of Gujarat and Tamil Nadu.

The project involves two operating wind farms with a combined capacity of 170 MW at Daloda and Piploda taluka in Mandsaur and Ratlam district of Madhya Pradesh, India (the “project”) set up by two Special Purpose Vehicles (SPVs) namely DJ Energy Private Ltd (“DJEPL”) and Uttar Urja Projects Private Limited (“UUPPL”). DJEPL and UUPPL are wholly owned subsidiaries of Continuum Green Energy (India) Private Limited (“CGEIPL”) (formerly known as Continuum Wind Energy (India) Private Limited (“CWEIPL”) and Surajbari Windfarm Development Pvt Ltd (“SWDPL”)) and which has a current portfolio of 757.4 MW of operational assets and 278 MW under construction assets

The project involves operation and maintenance of 85 wind turbines, with a unit generating capacity of 2 MW supplied by Inox Wind Limited (Inox). Inox was also responsible for turbine erection and commissioning and is currently responsible for turbine operation & maintenance (“O&M”). The responsibility for project development activities including land acquisition and project approvals, internal/access roads, SCADA building, turbine foundations, evacuation infrastructure, external & internal transmission lines and civil works lied with the companies. The entire project (170 MW) was commissioned in December 2015 and the construction phase lasted for 12 months (January 2015 to December 2015).

Transformers are located near the turbine within an access-controlled area and are connected to the overhead conductor at 33 kV which in turn connects to the transformer at the pooling substation. The pooling station (200 MVA, 33/220 kV capacity) is located at Bhatkheda and the turbines are located within a 20-25 km radius of the pooling substation. The pooling station is connected to the project site/turbines through six single/double-circuit feeder lines of 33 KV each with a carrying capacity of around 30MW or suitable combination. Power from the pooling station is evacuated through a 20 km 220KV double circuit transmission line to the existing substation at Daloda (33/220 kV capacity). The pooling station along with the 20 km transmission line is shared by the two companies as per government approval. The transmission line along with other associated facilities at the substation has been handed over to Madhya Pradesh Power Transmission Company Limited (MPPPTCL) after construction.

The project sites are located over revenue land of twenty villages of Piploda and Dalauda taluka in the Ratlam and Mandsaur districts. Each turbine and associated transformer is located in a land plot of approximately 1.75 hectares (ha). The total land area occupied by the project is around 230 hectares (including 151 hectares of revenue land for the wind turbines (owned by the government) and about 79 ha of private land mainly for the access roads and right of way for transmission line) and the companies have received land use permission/possession rights for a period of 25 years.

The companies currently have 25 employees on its roll at the site and 147 employees of the contractor for looking after O&M operations. The project site is located around 35 km away from another 100 MW operating wind farm of Orange Renewables."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to IFC, "Continuum Wind Energy Ltd. was founded in 2012 and is focused on establishing an independent renewable power producer business in India. Continuum Wind Energy Ltd. is the holding company of Continuum Green Energy (India) Pvt. Ltd, an IFC client since 2014.

Continuum Wind Energy Ltd. is sponsored by Clean Energy Investing Ltd, Singapore, indirect wholly owned subsidiary of a Morgan Stanley fund entity, New Haven Infrastructure Partners."

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Continuum Energy Levanter Pte. Ltd. Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Continuum Energy Levanter Pte. Ltd.
Mr. Gautam Chopra, VP
+91-22-2570 1567
gautam.chopra@continuumenergy.in
102, El Tara building, Orchard Avenue,Hiranandani, Powai, Mumbai – 400076
www.continuumenergy.in

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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