Former U.S. Vice President Al Gore’s Generation Investment Management fund has made a substantial investment in Continuum Green Energy, contributing $150 million through its Just Climate fund. This strategic move positions Continuum Green Energy at a valuation of $1 billion.
The announcement, made on Monday, reveals that Just Climate will acquire shares in Continuum, reflecting a significant endorsement of the company’s renewable energy initiatives. Tushar Kumar, a partner at Just Climate, expressed enthusiasm about the collaboration, emphasizing the alignment of values between Just Climate and Continuum’s founders. “We are thrilled to work with Arvind, his team, and other investors. They have built an institutionally-caliber company with a shared vision for the future,” Kumar stated.
The funding will bolster Continuum Green Energy’s efforts to replace coal-fired power with renewable energy solutions, aiming to cut greenhouse gas emissions. The company manages a portfolio of 2.2 gigawatts of wind and solar hybrid projects, with plans to develop an additional 1.3 gigawatts in the next two years.
Arvind Bansal, CEO and co-founder of Continuum, welcomed Just Climate’s investment, noting that it complements previous support from Morgan Stanley Infrastructure Partners. Bansal highlighted, “This equity investment, along with our past financing deals, positions us well to execute our unique and rapid expansion plan.”
Earlier this year, Bansal and his co-founder Vikash Saraf completed a buyout of Morgan Stanley’s majority stake, reducing their shareholding from 83% to 26%. The company is now preparing for an initial public offering (IPO) of shares, with Deutsche Bank advising on the recent investment round.
The infusion of capital from Just Climate underscores a growing commitment to advancing sustainable energy projects and reflects a broader trend towards institutional support for renewable energy innovation.
Read Also: Green Finance: Regulatory Roadmap for Environmental Investing
