Chubu Electric to Acquire $150 Million Stake in Continuum Green

Key Takeaways

Chubu Electric Power plans to acquire a 13-14% stake in Continuum Green Energy for approximately $150 million.
The deal, valuing Continuum at around $1.1-1.2 billion, is expected to be announced within a week.
Continuum Green Energy, founded in 2009, focuses on renewable energy and has a portfolio of about 4.7 GW.

Chubu Electric’s Strategic Investment

Chubu Electric Power, a leading Japanese utility, is set to acquire a minority stake in the Indian renewable energy platform Continuum Green Energy for about $150 million (₹1,430 crore). This transaction will see Chubu acquire roughly 13-14% of Continuum, valuing the company at an estimated $1.1-1.2 billion. An official announcement regarding the deal is anticipated within the week.

Continuum Green Energy, founded in 2009 by Arvind Bansal and Vikash Saraf, focuses on supplying renewable energy primarily to commercial and industrial (C&I) customers through its extensive portfolio of wind, solar, and hybrid assets. Currently, the company boasts a renewable energy portfolio of approximately 4.7 GW, which includes 2.72 GW of operational capacity, 0.90 GW under construction, and an additional 1.08 GW under development.

Notably, Continuum had previously deferred its ₹3,650-crore initial public offering (IPO), despite approval from the Securities and Exchange Board of India (Sebi) in 2025. Reports indicate that discussions between Chubu Electric and Continuum regarding a potential investment began earlier this year in February.

The investment highlights a growing interest in Continuum from global climate-focused investors. In March 2023, Continuum secured $67.5 million in primary capital from existing investors, notably Just Climate, to fund its expansion into wind-solar-hybrid generation and energy storage projects throughout India. In 2024, Just Climate, along with one of its partners, previously invested $150 million in the company, reflecting strong investor confidence.

Chubu Electric’s investment represents a significant advancement in its strategy to expand within the Indian market, one of the fastest-growing clean energy sectors globally. The company initiated its investments in India in 2022, acquiring a stake in OMC Power, which develops solar-powered mini-grids and distributed energy systems for telecom towers and rural communities. As of 2024, Chubu has increased its holding in OMC to 35% to bolster the company’s expansion in rooftop solar and other renewable projects.

A representative from Chubu declined to comment on the specifics of the transaction, and there was no immediate response from Continuum Green Energy regarding inquiries.

Chubu Electric operates a diversified generation portfolio that includes thermal, hydroelectric, nuclear, and renewable energy assets. Its installed generation capacity stands at around 33 GW, consisting of nearly 24 GW of thermal power, over 5 GW of hydroelectric capacity, and nuclear resources including the Hamaoka Nuclear Power Station.

As part of its decarbonization strategy, Chubu has been intensively investing in renewable energy projects, including geothermal and offshore wind, along with carbon capture and storage (CCS) technologies. The company has allocated approximately ¥400 billion ($2.5-2.7 billion) for global decarbonization initiatives by 2030.

Fitch Ratings reported that approximately 80% of the offtake from Continuum Green Energy’s 3.5 GW projects is expected to be sourced from C&I customers, with just 4% from the Solar Energy Corporation of India (SECI), noted for its stronger payment history compared to state-owned distribution utilities.

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