GMR Power secures loan for smart metering in Uttar Pradesh

GMR Power and Urban Infra (GPUIL) has secured approval from the Indian Renewable Energy Development Agency (IREDA) to part-finance a Rs 34.67 billion project for installing and maintaining 7.569 million smart meters across key regions in Uttar Pradesh.

The project, in collaboration with Bosch Global Software Technologies as the technical partner, covers Varanasi, Azamgarh, Prayagraj, and Mirzapur under Purvanchal Vidyut Vitran Nigam (PUVNL), along with Agra and Aligarh under Dakshinanchal Vidyut Vitran Nigam.

GMR Smart Electricity Distribution (GSEDPL), a GPUIL subsidiary, has been sanctioned a Rs 21.28 billion loan from IREDA, distributed in tranches across three special purpose vehicles (SPVs): GMR Agra Smart Meters, GMR Kashi Smart Meters, and GMR Triveni Smart Meters. GPUIL has provided corporate guarantees of Rs 4.4 billion each to the SPVs until the commercial operation date (COD) and plans additional guarantees pending shareholder approval. Financing combines debt, equity, and internal accruals.