IFC Commits ₹460 Crore To IndiGrid For India’s Largest Battery Energy Storage Project In Gujarat
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 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.
Disclaimer: This is a syndicated feed. The article is not edited by the FPJ editorial team.
news