Project Beacon

pending

 IFC, already an investor in Actis Asia Climate Transition (Actis or AACT), proposes to invest up to US$20 million (alongside an investment of US$80 million by AACT) through an Actis partnership, which together with other Actis partnerships will indirectly hold, subject to regulatory approvals, a 49% stake in Bharat Grid Private Limited (BGPL). BGPL is an Indian smart meter platform established through a Joint Venture (JV) between EDF India (EDF India) and AACT.  IFC will not have direct ownership or governance rights in BGPL and will rely on Actis as the fund manager.  BGPL while leveraging EDF’s expertise in smart meters globally was established to participate in India’s smart metering rollout under the Revamped Distribution Sector Scheme (RDSS), a Government of India (GoI) initiative aimed at improving distribution efficiency through the deployment of smart prepaid meters. BGPL deploys, manages, and maintains smart meter projects in India under the Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) model, with concessions for up to 10 years. BGPL has already secured three concessions, totaling 7.3mn meters, and aims to win additional concessions. Installation activities for the first 3 concessions are expected to begin following Distribution Company (DISCOM) approvals, with indicative rollout timelines from 2025 to 2028.  For project execution, BGPL will adopt a lean corporate structure, supported by EDF International Networks (EDF IN) as primary contractor. EDF IN will be responsible for managing subcontractors and delivering key services including installation, logistics, warehousing, and field operations. Separate SPVs will be established for each of the 3 concessions for coordination with EDF-IN.