The transaction will see Chubu acquire around a 13-14% stake, valuing Continuum at approximately $1.1-1.2 billion. The deal is expected to be formally announced within a week.
Also read: Juniper Green Energy commissions 305 MWp of renewable capacity in Gujarat
Founded in 2009 by Arvind Bansal and Vikash Saraf, Continuum Green Energy focuses on supplying renewable power to commercial and industrial (C&I) customers through its portfolio of wind, solar and hybrid assets.
The company has built a renewable energy portfolio of about 4.7 GW, comprising 2.72 GW of operational capacity, 0.90 GW under construction and 1.08 GW under development.
Continuum had earlier deferred its proposed ₹3,650-crore initial public offering (IPO) despite receiving approval from the Securities and Exchange Board of India (Sebi) in 2025.
ET BureauDeal for around 14% stake could value the renewable energy platform at $1.2 billion
Bloomberg had reported in February that Chubu was in discussions with Continuum regarding a potential investment.
Continuum has continued to attract capital from global climate-focused investors. In March this year, Continuum raised $67.5 million in primary capital from existing investor Just Climate to support the expansion of its wind-solar-hybrid generation and energy storage projects across India. In 2024, Just Climate and one of its limited partners had invested $150 million in the company.
The proposed investment marks another step in Chubu Electric’s growing India strategy as the Japanese utility expands its presence in one of the world’s fastest-growing clean-energy markets.
Also read: China out, India in? The Japanese begin a quiet but powerful pivot
India Portfolio
The company made its first investment in India in 2022 through a stake in Gurugram-based OMC Power, a developer of solar-powered mini-grids and distributed energy systems serving telecom towers, small businesses and rural communities. Chubu subsequently increased its holding in OMC to 35% in 2024 to support the company’s expansion in rooftop solar and distributed renewable energy projects.
A Chubu spokesperson declined to comment on the transaction, while an email sent to Continuum Green Energy did not elicit a response until press time.
Chubu operates a diversified generation portfolio spanning thermal, hydroelectric, nuclear and renewable energy assets. The utility has an installed generation capacity of about 33 GW, including nearly 24 GW of thermal power capacity, more than 5 GW of hydroelectric capacity and nuclear generation assets such as the Hamaoka Nuclear Power Station.
As part of its decarbonisation strategy, Chubu has been investing aggressively in renewable energy, geothermal power, offshore wind, carbon capture and storage (CCS), and next-generation nuclear technologies. The company has earmarked around ¥400 billion ($2.5-2.7 billion) for global decarbonisation businesses by 2030.
About 80% of offtake from Continuum Green Energy’s 3.5 GW projects will be by commercial and industrial (C&I) customers and 4% by SECI, which have better payment records than state-owned power distribution utilities (discoms), said a Fitch Ratings report.