IFC commits ₹460 crore to IndiGrid for building India’s largest standalone BEES in Gujarat

The project is designed to play a key role in supporting the State’s clean energy goals by enhancing grid stability and ensuring reliable power is available during peak demand

IFC (International Finance Corporation), a member of World Bank Group, has committed ₹460 crore in long-term financing to IndiGrid to build India’s largest standalone Battery Energy Storage System (BESS) in Gujarat.

The project is designed to play a key role in supporting the State’s clean energy goals by enhancing grid stability and ensuring reliable power is available during peak demand, stated an official statement. The long-term financing to IndiGrid of $55 million be will through a subscription to listed non-convertible debentures, with $38.5 million from IFC’s own account and $16.5 million in concessional support from the Clean Technology Fund (CTF), one of the multi-donor trust funds under the World Bank-hosted Climate Investment Funds framework.

Harsh Shah, Managing Director, IndiGrid, said, “Battery Energy Storage Systems are central to the future of energy in India. They bridge the intermittency of renewables, reduce fossil fuel dependency, and unlock flexible, reliable power delivery. With IFC’s support, we are proud to lead the deployment of one of India’s first and largest BESS assets in Gujarat. This project represents a strategic milestone in building next-generation infrastructure that is clean, resilient, and future-ready.”

Imad N Fakhoury, Regional Director for South Asia, IFC, said, “Expanding access to reliable, affordable electricity is central to development and IFC’s mission in emerging markets. Battery energy storage is critical for diversifying India’s energy mix and ensuring clean power is available when demand is highest. IndiGrid has been a trusted partner to IFC in advancing sustainable and inclusive infrastructure in India. Our latest investment supports Gujarat’s goal of achieving 100 GW of renewable capacity by 2030, and sets a replicable model for other states as they scale up next-generation commercially viable energy solutions.”

Published on July 3, 2025