BII, Norfund, IndiGrid launch $300M green transmission and BESS business
IndiGrid, India’s first and largest indexed power region infrastructure investment consider (InvIT), has partnered with British International Investment (BII) and the Norwegian Climate Investment Fund, controlled by using Norfund, to establish EnerGrid—a $three hundred million platform devoted to growing greenfield transmission and standalone battery electricity storage machine (BESS) projects in India.
Each accomplice will make a contribution approximately $a hundred million, allowing EnerGrid to target projects valued at around $1.2 billion over the coming years. Once these initiatives commence commercial operations, IndiGrid will fully gather them at a pre-agreed enterprise cost.
This collaboration pursuits to strengthen India’s renewable strength infrastructure with the aid of facilitating the evacuation of renewable power and enhancing grid stability thru superior power garage solutions. The partnership changed into formalized all through COP29 in Baku, underscoring a shared commitment to accelerating India’s power transition.
Harsh Shah, CEO and Whole-Time Director of IndiGrid, said, “This partnership will make sure that even as IndiGrid maintains to search for synergistic brownfield initiatives to acquire, we also can meaningfully create a growth pipeline for us inside the underneath-construction area.”
Tellef Thorleifsson, CEO of Norfund, emphasised the crucial role of transmission infrastructure investments in attaining India’s renewable power objectives, highlighting the significance of mobilizing capital to accelerate the electricity transition.
Srini Nagarajan, Managing Director and Head of Asia at BII, cited that good sized investment is required for India to satisfy its formidable net-zero goal, especially in growing transmission infrastructure and strength storage capabilities.
