The International Finance Corporation (IFC) has committed USD55 million in long-term financing to IndiGrid for the development of a 180 MW/360 MWh standalone battery energy storage system (BESS) project in Gujarat.
The financing includes USD38.5 million from IFC’s own account and USD16.5 million in concessional funding from the clean technology fund. The project is being implemented by IndiGrid 2 Limited and IndiGrid 1 Limited, special purpose vehicles of India Grid Trust.