'Statkraft ahead of Shell and CLP' in race to buy Indian wind firm

Norwegian group said to be at due diligence stage after bids to acquire Morgan Stanley-owned Continuum Wind

Statkraft is in pole position to buy Indian renewables operator Continuum Wind ahead of other suitors that included oil supermajor Shell and Chinese-owned CLP, said reports in India.

The Norwegian power group is engaged in due diligence of Continuum’s assets after bids were invited earlier this year by current owner Morgan Stanley, said financial newswire LiveMint, citing sources familiar with the process.

Statkraft swoops for UK onshore wind developer

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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.

Statkraft has said it will boost its onshore wind presence to 6GW by 2025, with India named as one of its key target markets. The Norwegian group was on the acquisition trail as recently as last month, when it bought UK onshore wind developer Airvolution Clean Energy.

When previously asked to comment on reports of its interest in Continuum, Statkraft told Recharge: “As a matter of principle we don’t comment on rumours of possible transactions in the market.”

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