IndiGrid, along with UK-based finance institution BII and a norwegian climate investment fund, has formed a platform which will focus on developing transmission and battery energy storage system projects in India.
The three parties have committed $100 million each towards the EnerGrid platform, India Grid Trust (IndiGrid) said in a statement.
"IndiGrid has deepened partnership with British International Investment (BII), the UK's development finance institution and impact investor, and the Norwegian Climate Investment Fund managed by Norfund, to form a new platform, EnerGrid," the infrastructure investment trust said.
The $300-million platform will focus on bidding and developing greenfield transmission and standalone battery energy storage system (BESS) projects in India, it said.
Post commencement of commercial operations, these projects will be fully acquired by IndiGrid at a pre-agreed enterprise value.
Harsh Shah, Chief Executive Officer and Whole Time Director of IndiGrid, said: "Indian power sector is going through a metamorphosis to facilitate achievement of the country's net zero goals. The transmission sector is witnessing a bidding pipeline like never before which we are looking to leverage to drive growth.
"This partnership will ensure that while IndiGrid continues to look for synergistic brownfield projects to acquire, we can also meaningfully create a growth pipeline for us in the under-construction space."
Avendus Capital acted as the advisor to IndiGrid on the transaction.
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