IndiGrid, BII and Norfund Launch USD 300M EnerGrid Platform
IndiGrid, BII, and Norfund have partnered to create EnerGrid, a USD 300 million platform focused on greenfield transmission and Battery Energy Storage System projects, aiming to support India’s energy transition and rapidly growing power infrastructure needs.
November 13, 2024. By EI News Network
Together, they are establishing EnerGrid, a USD 300 million joint venture platform focused on greenfield transmission and standalone Battery Energy Storage System (BESS) projects across India.
With each partner committing USD 100 million, EnerGrid aims to drive investment in India’s growing power transmission needs, driven by rising electricity demand and an increasing push for renewable energy integration. According to the Central Electricity Authority (CEA), India’s energy infrastructure will require an additional 170,000 circuit kilometers of transmission lines and 47 GW of BESS capacity by 2032.
EnerGrid’s projects, worth approximately USD 1.2 billion, will support India’s energy transition by bolstering the country’s infrastructure for renewable energy. Upon commercial operations, IndiGrid will acquire these projects, integrating them into its expansive portfolio of 41 power assets, including transmission lines, substations, and solar and battery storage capacities.
The partnership was formalised at COP29 in Baku. Harsh Shah, CEO of IndiGrid, highlighted the significance of this partnership in leveraging the growing opportunities in India’s transmission sector, especially in the context of the country’s net-zero ambitions. “This collaboration aligns with India’s commitment to sustainable growth, and with BII and Norfund, we gain access to global capital and best-in-class governance practices,” Shah stated.
Tellef Thorleifsson, CEO of Norfund, said, “Norfund recognises the crucial role that investments in transmission infrastructure play in achieving the Indian government's ambitious renewable energy targets. Unlocking capital to accelerate the energy transition is a central theme at COP29 in Baku, and we are delighted to announce this new partnership, which exemplifies our commitment to mobilising the necessary capital."
Srini Nagarajan, MD and Head of Asia at British International Investment added, “The launch of EnerGrid further demonstrates how BII is pioneering investment in climate finance to mobilise private capital at scale. Significant investment is required for India to meet its ambitious net zero target, especially in developing the country’s transmission infrastructure and energy storage capacity. This partnership will help to attract more private capital into a critical sector, which will facilitate the growth of renewable energy supply to meet growing energy demand sustainably and accelerate India’s journey towards a greener future.”
IndiGrid, BII, and Norfund expect EnerGrid to play a pivotal role in accelerating India’s shift toward renewable energy by creating a robust infrastructure pipeline, ultimately enabling a cleaner and more resilient power sector.
please contact: contact@energetica-india.net.
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