IndiGrid BESS

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      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. In 2023, the International Finance Corporation (IFC) committed INR 27.9 billion (equivalent to USD 339 million) loan to IndiGrid InvIT to be used for five transmission line (TL) assets in the IndiGrid InvIT; please refer to its environmental and social review summary at https://disclosures.ifc.org/project-detail/ESRS/45645/indigrid (“IndiGrid TL” or “previous investment”). The E&S performance for this project is Satisfactory.  The proposed IFC investment consists of a straight senior loan of up to US$55 million (INR equivalent) to IndiGrid InvIT (“IndiGrid”). 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.  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 (the project 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.