Morgan Stanley hires Citi to find a buyer for its 83% stake in energy co CGE

Global investment bank Morgan Stanley has hired Citibank to find a buyer for its majority stake in clean energy firm Continuum Green Energy (India) Pvt Ltd. Continuum, which has 807.4 MW of operational wind and solar assets, also has 1.07 GW capacity under various stages of development. Morgan Stanley has an around 83% stake in the clean energy platform founded by Arvind Bansal and Vikash Saraf in 2009. North Haven Infrastructure Partners, a global infrastructure fund managed by Morgan Stanley Infrastructure Partners, had in 2012 invested USD 212.03 million in Continuum. The Continuum stake sale plans have been on for some time now. ReNew Power Ventures Pvt. Ltd had evinced interest in buying Morgan Stanley's majority stake in Continuum Green Energy. Norway's state-run electricity firm Statkraft and US-based renewable energy producer SunEdison Inc. had previously tried to acquire Continuum.