Continuum Wind Energy Pte Ltd has acquired DJ Energy Pvt Ltd and Uttar Urja Power Projects Pvt Ltd from Delhi-based Sravanthi Group as per reports.
DJ Energy and Uttar Urja Power Projects own and operate 98.7 MW and 80 MW wind farms in Ratlam and Mandsaur districts in Madhya Pradesh, respectively.
Continuum Wind was set up in 2010 by Arvind Bansal, an investment banker; Vikash Saraf, a former Essar Group director; Sukant Gupta, a former Wipro executive; Ashish Swarup, a former executive of Asian Pulp & Paper and Gautam Chopra, a banker. Continuum Wind started operations in India through its acquisition of Surajbari Wind Farm Development Pvt Ltd, operating in Kutch, in 2010.
Currently, the firm has operating capacity of 43 MW, selling electricity to industrial consumers.
In March this year, Continumm Wind received a $164 million loan from banks for setting up a wind farm in India.
India is also planning to build an electricity grid on order to evacuate power from wind and solar. Government of India will also be providing an incentive of 50 paise per kWhr subject to a total of Rs 1 crore per MW of capacity. Read more here.