The International Finance Corporation (IFC) and Mumbai-based power transmission and renewable energy company IndiGrid have announced a partnership to develop a 180 MW/360 MWh standalone battery energy storage system (BESS) project in Gujarat.

The partnership aims to strengthen Gujarat’s clean energy infrastructure by enhancing grid stability and ensuring a reliable power supply during periods of peak demand.

IFC has committed ₹46 billion (~$534.88 million) in long-term financing to IndiGrid through a subscription to listed non-convertible debentures. This commitment includes approximately $38.5 million from IFC’s account and $16.5 million in concessional support from the Clean Technology Fund, a multi-donor trust fund under the World Bank-hosted Climate Investment Funds framework.

The investment was made during the quarter ending June 30, 2025. Since 2023, IFC has provided an aggregate debt line of ₹32.5 billion (~$377.91 million) to IndiGrid.

Imad N. Fakhoury, Regional Director for South Asia, IFC, stated that the investment supports Gujarat’s target of achieving 100 GW of renewable capacity by 2030.

IndiGrid manages projects worth over ₹319 billion (~$3.71 billion), including 43 power projects, 53 transmission lines, 16 substations, approximately 1.15 GW of solar generation capacity, and 450 MW/900 MWh of BESS. The Kilokari BESS project was awarded to IndiGrid in October 2023 by BSES Rajdhani Power.

In June this year, IndiGrid announced it would acquire ReNew Surya Aayan and Koppal–Narendra Transmission for a total enterprise value of ₹21.08 billion (~$245.12 million). IndiGrid will acquire 100% shareholding and management control of both companies.

In April this year, Indigrid commissioned India’s first commercial standalone BESS project with a 20MW/40MWh capacity at the distribution company level, and a tariff approved by the electricity regulatory authority.

Last year, IndiGrid won NTPC Vidyut Vyapar Nigam’s auction to set up a 500 MW/1000 MWh standalone BESS with Viability Gap Funding support. IndiGrid 2 was awarded 250 MW at a tariff of ₹236,999 (~$2,819)/MW/month.