IndiGrid BESS (IFC-49907)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Sanand industrial area, Charal, Gujarat
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 27, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
IndiGrid Infrastructure Trust (India Grid Trust)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 55.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 55.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 2, 2025

Disclosed by Bank Jun 6, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, the proceeds of this issuance will be used by IndiGrid to finance a 180MW/360MWh capacity standalone Battery Energy Storage System (“BESS”) project in Gujarat. IndiGrid won this Project in a competitive bidding (March 2024) conducted by Gujarat Urja Vikas Nigam Ltd. (GUVNL).

The BESS Project will be implemented through Gujarat BESS Project Limited (GBPL), a special purpose vehicle incorporated to develop and implement the BESS Project. GUVNL has entered into a Battery Energy Storage Purchase Agreement with GBPL. GBPL will commission the BESS Project within 18 months of the agreement, operate and manage it for twelve years from the date of full commissioning, and decommission it upon the expiry of the project agreement. GUVNL has identified 40,000 sqm of land in the Gujarat Electricity Transmission Company (GETCO) substation at Charal in Gujarat. GETCO will provide land for the BESS project on a right-to-use basis for periods coterminous with the project agreements. The BESS Project land is in the Sanand industrial area of the Gujarat Industrial Development Corporation (GIDC) near Ahmedabad in Gujarat.  The project is scheduled to be commissioned by February 2026. GBPL is in the process of appointing contractors and suppliers for the project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated on the project disclosure page, the proposed IFC investment consists of a straight senior loan of up to US$55 million (INR equivalent) to IndiGrid InvIT. The Facility comprises Non-convertible Debentures (NCD) issuance by IndiGrid (the ‘Issuer’) and subscription by IFC of up to US$55million (INR equivalent) Straight Senior Loan. The proposed financing package will be comprised of: (a) an IFC A Loan of up to US$38.5million; and (b) a concessional senior loan of up to US$16.5million from IFC in its capacity as implementing entity of Clean Technology Fund Global Energy Storage Program (“CTF GESP”). These NCDs will be rated, listed, secured and redeemable, denominated in Indian Rupees.

Up to US$16.5 million of the proposed IFC investment will be funded by IFC as implementing entity of the Clean Technology Fund (CTF).

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, IndiGrid is an infrastructure investment trust (“InvIT”) registered with the Securities and Exchange Board of India (“SEBI”), the regulator for capital markets in India. It was incorporated in October 2016 under SEBI InvIT Regulations 2014 to own and operate power transmission and renewable energy assets in India. IndiGrid is India’s first listed power sector InvIT with assets under management (AUM) of US$3.2 billion. It owns 16 operating and two under-construction transmission projects and 19 solar projects with a capacity of 855 MW spread across India. The IndiGrid InvIT is managed through IndiGrid Investment Managers Limited (IIML), an asset management company (AMC) responsible for managing the InvIT, including acquisition/divestment of assets and operations and management.

IndiGrid is India’s first ever listed power sector Infrastructure Investment Trust (InvIT). IndiGrid, under the trust framework, is sponsored by Esoteric II Pte. Limited (Esoteric). Its business is managed by an Investment Manager (IM), IndiGrid Investment Managers, a wholly-owned subsidiary of Electron IM Pte. Limited (Electron). Both Esoteric and Electron are affiliates of Kohlberg Kravis Roberts & Co. (KKR). KKR is a leading global investment firm with approximately US$624 billion of assets under management as of September 30, 2024, that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage funds.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Gujarat Urja Vikas Nigam Limited Buyer Energy
KKR & Co Inc Investor Finance invests in India Grid Trust Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - IndiGrid Infrastructure Trust, formerly known as ‘India Grid Trust’:

Mr. Giriraj Ajmera - Head-Corporate Finance
Phone: +91 76661 52507
Email: Giriraj.ajmera@indigrid.com
Address: Unit No. 101, First Floor, Windsor, Village KoleKalyan, off CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai – 400098
Website: www.indigrid.co.in

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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