The deal worth USD 300 million involves British International Investment and Climate Investment Fund from Norway partnering alongside IndiGrid to develop greenfield transmission and standalone Battery Energy Storage System (BESS) projects in India.

Nov 15, 2024

IndiGrid, one of the largest listed power sector infrastructure investment trust (InvIT) of India, has announced a partnership worth USD 300 million with a British and a Norwegian firm, to launch a new platform called Energrid, for bidding and developing of greenfield transmission and standalone Battery Energy Storage System (BESS) projects in India.

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As per a release issued by IndiGrid, UK’s development finance institution – British International Investment (BII) and the Norwegian Climate Investment Fund will invest around USD 100 million each to target projects worth around USD 1.2 billion over the next few years. After the commencement of commercial operations, these projects will be fully acquired by IndiGrid at a pre-agreed enterprise value.

As per IndiGrid, it would lend its pole position in understanding the nuanced Indian energy sector, while BII and Norfund would provide access to capital from global Development Financial Institutions and the Norwegian private pension fund.

Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid, said the Indian power sector was going through a metamorphosis to facilitate achievement of the country’s net zero goals. The transmission sector was witnessing a bidding pipeline like never before.

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In August this year, IndiGrid had announced the first phase of this partnership, under which BII and Norfund (through KNI India AS, Norfund’s joint venture with KLP, Norway’s largest pension company) invested in three of IndiGrid’s existing greenfield transmission projects.