IFC Invests Rs 460 Cr in India's Largest Battery Storage

The International Finance Corporation (IFC), a member of the World Bank Group, has committed Rs 460 crore to support IndiGrid in developing India’s largest standalone Battery Energy Storage System (BESS) project in Gujarat.

The investment will be made through listed non-convertible debentures, comprising USD 38.5 million from IFC’s own account and an additional USD 16.5 million in concessional financing from the Clean Technology Fund, under the Climate Investment Funds (CIF) framework.

This landmark project is expected to improve grid stability, ensure reliable power supply during peak demand, and support India’s goal of achieving 500 GW of renewable energy capacity by 2030. It also contributes to Gujarat’s target of developing 100 GW of renewable capacity.

Imad N. Fakhoury, Regional Director for South Asia at IFC, highlighted that battery storage is vital for enabling a resilient and diversified energy mix. Harsh Shah, Managing Director of IndiGrid, noted that the project marks a key milestone in the development of next-generation clean energy infrastructure in the country.

News by Rahul Yelligetti.