Continuum Energy (CEPL) signed a share purchase agreement with CEIL on September 23. Once the transaction closes, CEPL will hold 100% of Continuum Green Energy, consolidating control under founders Vikash Saraf and Arvind Bansal. CEIL has been a shareholder since 2012 and had previously trimmed its holding last year through a partial sale.
The move follows a series of transactions earlier this year. In May 2024, CEPL increased its stake in Continuum Green Energy (CGEL) to 74% through the conversion of CEIL’s convertible securities into ordinary shares, alongside the simultaneous purchase of additional shares from CEIL, leaving CEIL with the remaining 26%.
The stake buyout comes ahead of Continuum Green Energy Holdings’ planned initial public offering (IPO), filed in December 2024 for ₹3,650 crore. According to the draft prospectus, the IPO comprises fresh equity worth ₹1,250 crore and an offer-for-sale (OFS) of ₹2,400 crore by promoter entity CGEHL. The net proceeds are intended for general corporate purposes, debt repayment across subsidiaries, and payment of accrued interest through investments in these subsidiaries.
CGEHL, formerly Continuum Green Energy, was incorporated in Singapore on April 13, 2012. Over the years, CGEHL has invested in entities including Continuum Energy Levanter and Continuum Energy Aura, and indirectly in its Indian subsidiaries, to set up wind and solar power projects.
The Continuum Group’s Indian operations generate and sell electricity from renewable sources under long-term power purchase agreements with government agencies and commercial and industrial clients. As of December 31, 2024, the group had a total renewable energy capacity of 3.5 GW, including 2,235.4 MW operational and 1,289.6 MW under construction.
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