IndiGrid completes Gujarat BESS acquisition for Rs 573 crore

IndiGrid Infrastructure Trust has completed the acquisition of Gujarat Battery Energy Storage System (BESS) Private Limited from British International Investment PLC (BII) and Norfund, which invested through its vehicle KNI India AS. 

The transaction was executed at an enterprise value of approximately Rs 573 crore, subject to closing adjustments under the definitive agreements.  

The project operates under a Build Own Operate (BOO) model and is expected to generate annual revenue of over Rs 97 crore. The concession tenure is 12 years, providing medium-term revenue visibility for IndiGrid. The acquisition adds an operational battery storage asset to IndiGrid’s portfolio, expanding its presence in grid-scale storage.

The transaction aligns with India’s push to scale up battery energy storage capacity to support renewable energy integration and grid stability. The addition of a BESS asset strengthens IndiGrid’s portfolio mix as storage becomes a critical component of power system operations.

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