Just Climate invests $150 million in Continuum Green Energy to reduce India's industrial carbon emissions
Summary
London-based Just Climate was launched in 2021 by Al Gores Generation Investment Management to invest in growth-stage, asset-heavy companies that are reducing greenhouse gas emissions. Its portfolio includes Sweden-based H2 Green Steel and biogas producer Meva Energy, as well as Swiss EV charging company ABB E-Mobility.The firm has taken a stake in Continuum Green Energy, one of Indias largest sellers of renewable energy to commercial and industrial buyers. Coal-fired energy growth outpaced Indias renewable energy growth last year for the first time since 2019, and state-run Coal India said it will expand its coal outputContinuum serves business customers as well as state-owned electricity distribution companies in the states of Gujarat, Maharashtra and Madhya Pradesh.Continuums deployment of renewable energy will help displace coal power generation, realizing the type of significant greenhouse gas emissions abatement that we at Just Climate look for in our investments while also managing impacts on people and planet, Just Climates Tushar Kumar said.Continuum has been majority-owned by Morgan Stanley since 2012, when the bank acquired 92% of the company via its infrastructure division. The company earlier this year sought a $200 million loan to buy back a portion of Morgan Stanleys share. Just Climates investment suggests that Morgan Stanley reduced its stake.of India reported in May that Continuum was preparing to raise funds from two unnamed global private equity investors that would give the company a $1 billion valuation ahead of a planned initial public offering.