IndiGrid, BII, and Norfund launch $300 million platform

IndiGrid, British International Investment (BII), and the Norwegian Climate Investment Fund managed by Norfund have established EnerGrid, a $300 million platform focused on greenfield transmission and standalone battery energy storage system (BESS) projects in India. 

Each partner will invest $100 million, with EnerGrid aiming to develop projects valued at approximately $1.2 billion over the next several years. Once operational, IndiGrid will acquire these projects at a pre-agreed enterprise value.

IndiGrid’s Q2 FY25 investor presentation highlighted a bid pipeline of over Rs 651 billion in the power transmission sector, including interstate transmission system (ISTS) projects with active requests for proposal (RfP). The company also anticipates an estimated Rs 35 billion opportunity in the BESS market, primarily from projects in Gujarat and Uttar Pradesh.