In a significant stride toward enhancing India's renewable energy infrastructure, IndiGrid, the nation's first and largest listed power sector infrastructure investment trust (InvIT), has announced a strategic partnership with British International Investment (BII), the Norwegian Climate Investment Fund managed by Norfund, and Techno Electric and Engineering Company Limited (Techno). This collaboration is set to advance the development of greenfield Interstate Transmission System (ISTS) projects across India.
This fiscal year, IndiGrid successfully operationalized its first greenfield ISTS project, Kallam Transmission Limited, and secured five additional projects in the ISTS and Battery Energy Storage System (BESS) sectors. These projects are expected to see a capital expenditure of approximately INR 20 billion over the next 12-24 months.
Under this new alliance, BII and Norfund, through KNI India AS "a joint venture with KLP, Norway's largest pension company" will invest in three of IndiGrid's ISTS projects: Ishanagar Power Transmission Limited (IPTL), Dhule Power Transmission Limited (DPTL), and Kallam Transco Limited (KTCO). These projects, currently under construction, will support the evacuation of around 6 GW of renewable energy in Madhya Pradesh and Maharashtra.
Techno Electric will co-develop the IPTL and DPTL projects, contributing minority capital and managing project execution on a Lump Sum Turnkey (LSTK) basis. IndiGrid plans to acquire full ownership of these projects once they are completed and generating revenue.
Harsh Shah, CEO and Whole Time Director of IndiGrid, emphasized the importance of this partnership, stating, "With India's commitment to energy transition and grid parity across renewable technologies including BESS, there are tremendous investment opportunities. We are thrilled to collaborate with esteemed institutions like BII and Norfund to contribute to the energy transition journey."
Rohit Anand, Head of Infrastructure Equity, Asia at BII, highlighted the crucial need for investment, noting,"India needs an investment of "4.75 trillion in the transmission sector to integrate renewable energy and meet its decarbonization goals. We are pleased to support this critical sector with not only capital but also our ESG expertise."
Bj'rnar Baugerud, Head of the Climate Investment Fund, Norfund, and Eric Nasby from KLP also praised the partnership's potential to achieve ambitious climate goals while generating attractive returns. Techno Electric's Chairperson, Padam Prakash Gupta, added that this collaboration would significantly advance India's transmission infrastructure and the broader energy landscape.
This strategic partnership is a key development in India's green energy push, aligning with the nation's renewable energy targets and sustainable growth objectives.In a significant stride toward enhancing India's renewable energy infrastructure, IndiGrid, the nation?s first and largest listed power sector infrastructure investment trust (InvIT), has announced a strategic partnership with British International Investment (BII), the Norwegian Climate Investment Fund managed by Norfund, and Techno Electric and Engineering Company Limited (Techno). This collaboration is set to advance the development of greenfield Interstate Transmission System (ISTS) projects across India.
This fiscal year, IndiGrid successfully operationalized its first greenfield ISTS project, Kallam Transmission Limited, and secured five additional projects in the ISTS and Battery Energy Storage System (BESS) sectors. These projects are expected to see a capital expenditure of approximately INR 2,000 crores over the next 12-24 months.
Under this new alliance, BII and Norfund, through KNI India AS "a joint venture with KLP, Norway's largest pension company" will invest in three of IndiGrid's ISTS projects: Ishanagar Power Transmission Limited (IPTL), Dhule Power Transmission Limited (DPTL), and Kallam Transco Limited (KTCO). These projects, currently under construction, will support the evacuation of around 6 GW of renewable energy in Madhya Pradesh and Maharashtra.
Techno Electric will co-develop the IPTL and DPTL projects, contributing minority capital and managing project execution on a Lump Sum Turnkey (LSTK) basis. IndiGrid plans to acquire full ownership of these projects once they are completed and generating revenue.
Harsh Shah, CEO and Whole Time Director of IndiGrid, emphasized the importance of this partnership, stating, "With India's commitment to energy transition and grid parity across renewable technologies including BESS, there are tremendous investment opportunities. We are thrilled to collaborate with esteemed institutions like BII and Norfund to contribute to the energy transition journey."
Rohit Anand, Head of Infrastructure Equity, Asia at BII, highlighted the crucial need for investment, noting, ?India needs an investment of Rs.4.75 trillion in the transmission sector to integrate renewable energy and meet its decarbonization goals. We are pleased to support this critical sector with not only capital but also our ESG expertise."
Bj?rnar Baugerud, Head of the Climate Investment Fund, Norfund, and Eric Nasby from KLP also praised the partnership's potential to achieve ambitious climate goals while generating attractive returns. Techno Electric's Chairperson, Padam Prakash Gupta, added that this collaboration would significantly advance India's transmission infrastructure and the broader energy landscape.
This strategic partnership is a key development in India's green energy push, aligning with the nation's renewable energy targets and sustainable growth objectives.
