India Grid Trust (IndiGrid) has won a 20 MW/ 40 MWh battery energy storage system (BESS) project in Delhi. The company has received letter of award from BSES Rajdhani Power for design, supply, testing, installation, commissioning, including operations and maintenance of the project.
The project has been won under tariff-based competitive bidding and will be set up on the basis of build, own, operate, and transfer model. It will have a concession period of 12 years. Furthermore, the project has been anticipated to produce revenue of Rs 20 million per year. The project will be utilised for energy time-shift (arbitrage) and ancillary services, including frequency support, capacity upgrade postponement, and resource sufficiency. Additionally, the project, with a 12-month construction period, will secure 70 per cent of its total capital cost in debt financing from the Global Energy Alliance for People and Planet.
In May 2023, Virescent Renewable Energy Trust announced the signing of definitive agreements under which IndiGrid would acquire all the units under Virescent. This comes after a competitive sales process that drew interest from a number of high-calibre investors across the world.
In April 2023, IndiGrid announced that International Finance Corporation subscribed to a listed non-convertible debentures issuance of IndiGrid aggregating to Rs 11.4 billion.