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					</table><p>India installed 2.8 GW of new wind energy capacity in 2023, a ~56% surge from 1.8 GW in 2022. The cumulative wind capacity as of December 2023 stood at 44.7 GW, compared to 41.9 GW at the end of 2022.</p>
<p>In the fourth quarter (Q4) of 2023, India added 552 MW of wind power capacity, representing a 141% year-over-year (YoY) increase, according to <a href="https://www.mercomindia.com/research" target="_blank" rel="noopener">Mercom India Research</a>. Installations in Q4 surged by 34% quarter-over-quarter.</p>
<p>The Ministry of New and Renewable Energy (MNRE) has included wind power in the Renewable Power Purchase Obligation (RPO) trajectory, with an eye on driving wind installations higher.</p>
<p>The increased demand for round-the-clock renewable energy has led to a rise in wind-solar hybrid projects across the country.</p>
<p>In Q4 2023, Gujarat and Tamil Nadu witnessed considerable growth in solar-wind hybrid renewable energy projects due to favorable policies and easier access to land as compared to other states in the country.</p>
<p>Apart from utility-scale installations, group captive hybrid power projects are also gaining pace in these states due to C&amp;I consumers&#8217; interest in procuring green power for longer durations.</p>
<p>&nbsp;</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-64292 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354.png" alt="India Wind Power Installations by Year" width="750" height="499" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354.png 750w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354-300x200.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354-650x432.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354-624x415.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103354-600x399.png 600w" sizes="(max-width: 750px) 100vw, 750px" /></p>
<p>&nbsp;</p>
<p>Notable projects commissioned during the quarter were <a href="https://continuumenergy.in/" target="_blank" rel="noopener">Continuum</a>&#8216;s 67.5 MW wind-solar hybrid project in Tamil Nadu, JSW Renew Energy&#8217;s 51 MW of the Solar Energy Corporation of India&#8217;s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) Tranche IX project in Tamil Nadu, and <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>&#8216;s 50 MW of Phase-I Dayapar Wind Energy Project in Gujarat.</p>
<p>&nbsp;</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-64293 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117.png" alt="India Cumulative Wind Installations by State" width="730" height="487" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117.png 730w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117-300x200.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117-650x434.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117-624x416.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Screenshot-2024-03-13-103117-600x400.png 600w" sizes="(max-width: 730px) 100vw, 730px" /></p>
<p>Gujarat led the states for cumulative wind installations, accounting for 25.1% of the country&#8217;s total capacity. Tamil Nadu came next with 23.3%.</p>
<p>At the end of Q4, Karnataka had the third highest installations, representing 12.5% of the total wind capacity, and Rajasthan ranked fourth with 11.6%.</p>
<p>Maharashtra was fifth, accounting for 11.5% of the installed wind capacity during the quarter, followed by Andhra Pradesh (9.2%) and Madhya Pradesh (6.4%).</p>
<p>In December 2023, MNRE <a href="https://www.mercomindia.com/mnre-unveils-revised-wind-power-projects" target="_blank" rel="noopener">revised</a> its 2016 policy for repowering wind power projects to facilitate the replacement of older turbines.</p>
<p>Around the same time, the Ministry of External Affairs also <a href="https://www.mercomindia.com/rules-leasing-offshore-wind-sites" target="_blank" rel="noopener">issued</a> the Offshore Wind Energy Lease Rules 2023, notifying that leased areas for offshore wind energy projects will be valid for an initial three-year period for conducting resource measurements and surveys.</p>
<p>In a bid to harness the potential of offshore wind energy, Finance Minister Nirmala Sitharaman, in her Budget 2024 speech, <a href="https://www.mercomindia.com/budget-2024-free-electricity-rooftop-solar-vgf-offshore-wind" target="_blank" rel="noopener">announced</a> viability gap funding for offshore wind projects with a cumulative capacity of 1 GW. This financial support is expected to propel the development of offshore wind projects, contributing to India&#8217;s renewable energy goals.</p>
<p>Recently, SECI, on behalf of the National Institute of Wind Energy, <a href="https://www.mercomindia.com/seci-invites-offshore-wind-projects-in-tamil-nadu" target="_blank" rel="noopener">invited</a> bids for the allocation of sea-bed lease rights for 4 GW offshore wind power projects on a build-own-operate basis.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/joydeep-sinha/" class="vcard author" rel="author"><span class="fn">Joydeep Sinha</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="authorboxn" style="padding-bottom: 20px"><a href="#" target="_blank" rel="noopener"><strong style="color: #00b451">Joydeep Sinha</strong> </a>is a senior research analyst at Mercom India Research.</div>
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India Registers 56% Growth in Wind Installations, Adds 2.8 GW in 2023


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					</table><p>India-focused renewable energy platform <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> has raised $350 million from two marquee global institutional investors to finance the expansion of its clean energy projects.</p>
<p>Continuum raised the debt by issuing senior secured floating rate notes. The fund-raising round provided the investors with an option to issue an additional $50 million on fulfilling certain conditions.</p>
<p>Continuum Green Energy is majority-owned by a global infrastructure fund managed by <a href="https://www.morganstanley.com/im/en-us/institutional-investor/about-us/investment-teams/real-assets/private-infrastructure-team.html" target="_blank" rel="noopener">Morgan Stanley Infrastructure Partners</a>. Continuum is an India-focused renewable platform with most of its assets focused on the commercial &amp; industrial (C&amp;I) consumers, with 1.3 GW of operating and near-operational capacity and an additional 1.2 GW of projects nearing construction.</p>
<p>Founder &amp; CEO of Continuum Green Energy Arvind Bansal said, &#8220;Raising of funds from marquee investors reaffirms the faith of investors in Continuum&#8217;s business model and the company&#8217;s focus on building high-quality projects. With these funds, the company aims to expand its portfolio to 2.5 GW, mostly as wind and solar hybrid projects, servicing Commercial &amp; Industrial (C&amp;I) consumers, enabling them to meet their sustainability goals economically.&#8221;</p>
<p>Managing Director at Morgan Stanley Infrastructure Partners Raja Parthasarathy said, &#8220;We are happy that Continuum receives this investment and are excited for the growth that the company may realize while deepening their franchise with C&amp;I customers and wind-solar hybrid offerings. This marks another milestone in our 10-year fruitful partnership with Continuum.&#8221;</p>
<p>Last February, the International Finance Corporation, the World Bank Group&#8217;s financial arm,  extended its support to Continuum Green Energy by subscribing to 10% of the company&#8217;s first green bond, which was listed on the Singapore stock exchange. The offering raised nearly $561 million and was meant to refinance its debt.</p>
<p>In June, General Electric and Continuum Green Energy <a href="https://mercomindia.com/ge-acquires-stake-in-continuum-onshore-wind-project/" target="_blank" rel="noopener">announced</a> the financial close of GE Energy Financial Services&#8217; acquisition of a 49% stake in Continuum&#8217;s 148.5 MW Morjar onshore wind project in Gujarat.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Continuum Raises $350 Million Debt for Expansion of Clean Energy Projects

<p>The International Finance Corporation (<a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">IFC</a>), the World Bank Group&#8217;s financial arm, has extended its support to <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> by subscribing to 10% of the company&#8217;s first green bond, which was listed on the Singapore stock exchange on February 10.</p>
<p>The offering raised nearly $561 million (~₹40.79 billion) and was oversubscribed. The company will use the proceeds from the bond&#8217;s issuance to refinance its existing debts, IFC said.</p>
<p>Continuum, one of the largest renewable energy providers to the commercial and industrial sectors in the country, has nearly 2 GW of wind and solar projects.</p>
<p>Arvind Bansal, CEO of Continuum, said, &#8220;We are delighted to continue our long-standing partnership with IFC through our first green bond. As a pioneer in the green bond market, IFC&#8217;s knowledge and successful track record as an issuer, investor, and adviser will continue to help stand our company on solid ground and support India in a resilient recovery from the pandemic. This offering enables us to diversify our sources of funding further, and we look forward to strengthening our partnership with global investors.&#8221;</p>
<p>IFC is one of the largest financiers of clean technology projects. Since 2005 it has invested $22.2 billion (~₹1.61 trillion) in long-term financing and has raised an additional $15.7 billion (~₹1.14 trillion) from other investors for clean energy and climate-related projects.</p>
<p>Isabel Chatterton, regional industry director for natural resources and infrastructure, Asia Pacific at IFC, said, &#8220;IFC&#8217;s investment will help Continuum maintain sustainable power generation across India and position it to deliver projects under development as the country emerges from the pandemic. It will also help support India in its ambitions to reduce greenhouse gas emissions, at a time when private capital is most needed to fund infrastructure projects and support green, resilient economic recovery.&#8221;</p>
<p>According to a report by the Climate Bonds Initiative, global green bond issuance <a href="https://mercomindia.com/green-bond-issuance-reached-record-high/" target="_blank" rel="noopener">reached</a> a record high of $269.5 billion (~₹19.59 trillion) in 2020, a 1.12% increase compared to $266.5 billion (~₹19.37 trillion) in 2019, due to a late surge in the second half of 2020.</p>
<p>In October last year, ReNew Power, an Indian independent power producer, <a href="https://mercomindia.com/renew-power-raises-green-bonds/" target="_blank" rel="noopener">raised</a> around $325 million (~₹23.63 billion) through overseas green bonds. Earlier, CLP Wind Farms (India) <a href="https://mercomindia.com/clp-wind-farms-raises/" target="_blank" rel="noopener">raised</a> ₹2.96 billion (~$40.51 million) from its green bonds.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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IFC Subscribes to $56 Million of Continuum’s Green Bond Offering in Singapore

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