Continuum secures $67.5m from Just Climate, withdraws IPO draft

Follow-on funding prompts draft IPO withdrawal.

Continuum Green Energy said existing shareholder Just Climate and a co-investor will invest the rupee equivalent of $67.5m in the company, prompting it to withdraw its draft IPO prospectus in India.

The renewable energy company said the primary capital will support continued deployment of wind-solar-hybrid generation and storage projects in India, with the transaction subject to customary conditions and regulatory approvals.

The deal follows an earlier investment of the rupee equivalent of $150m by Just Climate and a co-investor in September 2024.

Continuum said it will withdraw its draft red herring prospectus filed with the Securities and Exchange Board of India and revisit the timing of a proposed initial public offering at a later date after completing the capital raise.

The company said it has an operational and near-operational portfolio of about 3.5 GWp of wind and wind-solar-hybrid projects, with another 1.7 GWp under development to meet customer demand.

Just Climate said the investment is expected to be made through its $1.5b Climate Asset Fund I, which was launched in 2023 and focuses on industrial climate solutions.