Shell and Statkraft 'bidding to buy Indian wind group'

Oil major and utility said to be among shortlisted contenders for Continuum Wind

Oil giant Shell and Norwegian utility Statkraft are bidding to buy Indian renewables operator Continuum Wind, reports in India say.

The two are among a clutch of interested parties to submit non-binding bids for Continuum, currently owned by a fund managed by Morgan Stanley, said financial newswire LiveMint.

Shell: 'We'll prove we can make money in renewables'

Read more

Shell and Statkraft will go forward to the next round of bidding, along with Chinese-controlled CLP India, LiveMint said citing sources familiar with the process.

Continuum has an operating portfolio of about 550MW and 628MW of onshore wind in construction out of a 2GW development pipeline, according to its website.

Shell has been ramping up its presence in clean energy sectors for several years under CEO Ben van Beurden, with offshore rather than onshore the focus of its efforts in the wind industry so far.

Norwegian state-controlled Statkraft has said it will boost its onshore wind presence to 6GW by 2025, with India named as one of its key target markets.

Shell and Statkraft declined to comment to Recharge.

Read Next

Google silent over pledge to back Africa's largest wind farm

Web giant won't say when when – or if – it will meet 2015 'commitment' to buy stake in Kenya's Lake Turkana

30 May 15:49 GMT