CLP India Pvt. Ltd is looking to acquire Continuum Wind Energy from its majority owner Morgan Stanley Infrastructure Partners, the Mint newspaper reported, citing two people aware of the matter.
The report said that Continuum has more than 700 megawatt of operational wind assets and a pipeline of almost 1,700 MW. Most operational assets are located in Maharashtra and Tamil Nadu, apart from Gujarat, Madhya Pradesh and Telangana.
Singapore-based Continuum was founded by Arvind Bansal and Vikash Saraf in 2009. Morgan Stanley invested about $212 million in Continuum in 2012.
In 2015, Morgan Stanley entered into an agreement with US-based renewable energy company SunEdison Inc. to sell Continuum. However, the deal was later scrapped.
CLP India is majority-owned by Hong Kong-headquartered CLP Group. CLP entered India in 2002 and is among the handful of foreign investors in India's power sector. It has a portfolio of nearly 3,000 MW.
In September last year, Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) agreed to take a 40% stake in CLP India for Rs 2,640 crore ($365 million). At the time, CLP Group had said that CLP India would seek to expand investments in low-carbon growth areas including renewable energy.
