IndiGrid, British International Investment (BII), and the Norwegian Climate Investment Fund managed by Norfund have launched EnerGrid, a $300 million platform for developing greenfield transmission and standalone battery energy storage system (BESS) projects in India. Each partner will invest $100 million, enabling EnerGrid to target projects valued at approximately $1.2 billion over the next several years. Upon starting commercial operations, IndiGrid will acquire these projects at a pre-agreed enterprise value.
In August 2024, IndiGrid announced the initial phase of this partnership, where BII and Norfund invested in three of IndiGrid’s under-construction Interstate Transmission System (ISTS) projects with a cumulative capacity of 6 GW. Also in August 2024, the company raised approximately Rs 6.95 billion through a preferential share issue priced at Rs 136.43 per share, following an Offer-for-Sale led by its sponsor KKR. Currently, the company operates 49 transmission lines covering 8,700 ckm, along with 15 substations with a 22,550 MVA transformation capacity, 1.1 GW of solar capacity, and a 200 MW/400 MWh BESS capacity.
