Latest news with #IndiGrid
Time of India
03-07-2025
- Business
- Time of India
IFC Invests ₹460 crore in India's largest battery energy storage project in Gujarat
IFC, a member of the World Bank Group, on Thursday committed Rs 460 crore to IndiGrid to build India's largest standalone battery energy storage system project in Gujarat. The project is designed to play a key role in supporting the state's clean energy goals by enhancing grid stability and ensuring reliable power is available during peak demand, a joint statement said. The long-term financing of USD 55 million (about Rs 460 crore) will be through a subscription to listed non-convertible debentures, with USD 38.5 million from IFC's own account and USD 16.5 million in concessional support from the Clean Technology Fund, one of the multi-donor trust funds under the World Bank-hosted Climate Investment Funds framework. IFC Regional Director for South Asia Imad N Fakhoury said, "Expanding access to reliable, affordable electricity is central to development and IFC's mission in emerging markets. Battery energy storage is critical for diversifying India's energy mix and ensuring clean power is available when demand is highest." IndiGrid has been a trusted partner to IFC in advancing sustainable and inclusive infrastructure in India, he said, adding, the latest investment supports Gujarat's goal of achieving 100 GW of renewable capacity by 2030 and sets a replicable model for other states. India's power sector is undergoing a structural shift as the country advances toward its target of 500 GW of clean energy capacity by 2030, it said. The increasing integration of solar and wind energy introduces new challenges for grid stability, peak load management, and dispatch reliability, it added. Utility-scale battery storage is emerging as a critical solution to address to grid stability challenges, including peak load management and dispatch reliability, while enabling greater integration of solar and wind energy. "With IFC's support, we are proud to lead the deployment of one of India's first and largest BESS assets in Gujarat. This project represents a strategic milestone in building next-generation infrastructure that is clean, resilient, and future-ready," IndiGrid Managing Director Harsh Shah said.>
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Business Standard
03-07-2025
- Business
- Business Standard
IFC, IndiGrid to build India's largest battery energy storage project
IFC, a member of the World Bank Group, on Thursday committed ₹460 crore to IndiGrid to build India's largest standalone battery energy storage system project in Gujarat. The project is designed to play a key role in supporting the state's clean energy goals by enhancing grid stability and ensuring reliable power is available during peak demand, a joint statement said. The long-term financing of $55 million (about ₹460 crore) will be through a subscription to listed non-convertible debentures, with $38.5 million from IFC's own account and $16.5 million in concessional support from the Clean Technology Fund, one of the multi-donor trust funds under the World Bank-hosted Climate Investment Funds framework. IFC Regional Director for South Asia Imad N Fakhoury said, "Expanding access to reliable, affordable electricity is central to development and IFC's mission in emerging markets. Battery energy storage is critical for diversifying India's energy mix and ensuring clean power is available when demand is highest." IndiGrid has been a trusted partner to IFC in advancing sustainable and inclusive infrastructure in India, he said, adding, the latest investment supports Gujarat's goal of achieving 100 GW of renewable capacity by 2030 and sets a replicable model for other states. India's power sector is undergoing a structural shift as the country advances toward its target of 500 GW of clean energy capacity by 2030, it said. The increasing integration of solar and wind energy introduces new challenges for grid stability, peak load management, and dispatch reliability, it added. Utility-scale battery storage is emerging as a critical solution to address to grid stability challenges, including peak load management and dispatch reliability, while enabling greater integration of solar and wind energy. "With IFC's support, we are proud to lead the deployment of one of India's first and largest BESS assets in Gujarat. This project represents a strategic milestone in building next-generation infrastructure that is clean, resilient, and future-ready," IndiGrid Managing Director Harsh Shah said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
03-07-2025
- Business
- Time of India
IFC commits Rs 460 cr to IndiGrid to build India's largest battery energy storage project
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Renewables New Delhi: IFC , a member of the World Bank Group , on Thursday committed Rs 460 crore to IndiGrid to build India's largest standalone battery energy storage system project in project is designed to play a key role in supporting the state's clean energy goals by enhancing grid stability and ensuring reliable power is available during peak demand, a joint statement long-term financing of USD 55 million (about Rs 460 crore) will be through a subscription to listed non-convertible debentures, with USD 38.5 million from IFC's own account and USD 16.5 million in concessional support from the Clean Technology Fund, one of the multi-donor trust funds under the World Bank-hosted Climate Investment Funds Regional Director for South Asia Imad N Fakhoury said, "Expanding access to reliable, affordable electricity is central to development and IFC's mission in emerging markets. Battery energy storage is critical for diversifying India's energy mix and ensuring clean power is available when demand is highest."IndiGrid has been a trusted partner to IFC in advancing sustainable and inclusive infrastructure in India, he said, adding, the latest investment supports Gujarat's goal of achieving 100 GW of renewable capacity by 2030 and sets a replicable model for other power sector is undergoing a structural shift as the country advances toward its target of 500 GW of clean energy capacity by 2030, it increasing integration of solar and wind energy introduces new challenges for grid stability, peak load management, and dispatch reliability, it battery storage is emerging as a critical solution to address to grid stability challenges, including peak load management and dispatch reliability, while enabling greater integration of solar and wind energy."With IFC's support, we are proud to lead the deployment of one of India's first and largest BESS assets in Gujarat. This project represents a strategic milestone in building next-generation infrastructure that is clean, resilient, and future-ready," IndiGrid Managing Director Harsh Shah said.
Yahoo
09-06-2025
- Business
- Yahoo
IndiGrid to acquire solar project and transmission asset in India
IndiGrid has announced its plan to acquire the solar project ReNew Solar Aayan, located in Rajasthan, and Koppal Narendra Transmission in Karnataka. The two transactions have a total value of approximately Rs21.08bn ($250m), as reported by the Economic Times. This excludes net working capital and cash adjustments. ReNew Solar Aayan Private Limited (RSAPL) is a 300MW alternating current solar project in Rajasthan's Barmer, an area with high solar radiation. Since March 2024, the operational project has had a secure revenue stream through a 25-year long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at Rs2.37 per unit As a wholly-owned subsidiary of ReNew Solar Power Private Limited, RSAPL benefits from its proximity to RSUPL, an asset bought by IndiGrid in 2024. This acquisition is expected to enhance operational synergies and bolster IndiGrid's position in the renewable energy sector. Koppal Narendra Transmission is a build-own-operate-maintain interstate transmission system (ISTS) venture that has been operational since October 2023 in Karnataka. It features 276 circuit kilometres of transmission lines and has a transformation capacity of 2,500 mega volt-amperes. The ownership of this asset is split between ReNew Solar Power with a 51% stake and KNI India with the remaining 49%. KNI India is a joint venture formed by Norfund and KLP. IndiGrid will secure complete ownership and managerial authority over both entities. IndiGrid managing director Harsh Shah stated: "These acquisitions align with our long-term strategy to participate meaningfully in this transformation by owning and operating essential infrastructure that supports grid stability and energy access". The funding mix for this acquisition will include equity, internal accruals and debt financing. Post-acquisition, IndiGrid stated that its net debt-to-asset under management (AUM) ratio will be maintained at 62%, allowing room for further growth initiatives. "IndiGrid to acquire solar project and transmission asset in India" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
09-06-2025
- Business
- Yahoo
IndiGrid to acquire solar project and transmission asset in India
IndiGrid has announced its plan to acquire the solar project ReNew Solar Aayan, located in Rajasthan, and Koppal Narendra Transmission in Karnataka. The two transactions have a total value of approximately Rs21.08bn ($250m), as reported by the Economic Times. This excludes net working capital and cash adjustments. ReNew Solar Aayan Private Limited (RSAPL) is a 300MW alternating current solar project in Rajasthan's Barmer, an area with high solar radiation. Since March 2024, the operational project has had a secure revenue stream through a 25-year long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at Rs2.37 per unit As a wholly-owned subsidiary of ReNew Solar Power Private Limited, RSAPL benefits from its proximity to RSUPL, an asset bought by IndiGrid in 2024. This acquisition is expected to enhance operational synergies and bolster IndiGrid's position in the renewable energy sector. Koppal Narendra Transmission is a build-own-operate-maintain interstate transmission system (ISTS) venture that has been operational since October 2023 in Karnataka. It features 276 circuit kilometres of transmission lines and has a transformation capacity of 2,500 mega volt-amperes. The ownership of this asset is split between ReNew Solar Power with a 51% stake and KNI India with the remaining 49%. KNI India is a joint venture formed by Norfund and KLP. IndiGrid will secure complete ownership and managerial authority over both entities. IndiGrid managing director Harsh Shah stated: "These acquisitions align with our long-term strategy to participate meaningfully in this transformation by owning and operating essential infrastructure that supports grid stability and energy access". The funding mix for this acquisition will include equity, internal accruals and debt financing. Post-acquisition, IndiGrid stated that its net debt-to-asset under management (AUM) ratio will be maintained at 62%, allowing room for further growth initiatives. "IndiGrid to acquire solar project and transmission asset in India" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
