To boost India’s renewable energy infrastructure, the International Finance Corporation (IFC) has partnered with IndiGrid [BSE: 540565 | NSE: INDIGRID] to develop a 180 MW/360 MWh standalone battery energy storage system (BESS) in Gujarat. The project will enhance grid stability and ensure reliable power during peak demand, supporting the state’s clean energy targets.
IFC has committed ₹4.6 billion (approximately $55 million) in long-term financing through listed non-convertible debentures—comprising $38.5 million from IFC’s own account and $16.5 million in concessional support from the Clean Technology Fund (CTF), part of the World Bank-hosted Climate Investment Funds.
As India moves toward achieving 500 GW of clean energy capacity by 2030, utility-scale battery storage is playing a crucial role in managing grid stability, peak load, and renewable energy integration. This project marks a significant step in addressing the structural challenges of India's evolving power sector.
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.”
This investment made during the quarter ended June 30, 2025, builds on an existing collaboration between IFC and IndiGrid and reflects our shared vision of catalyzing investments in clean, inclusive, and commercially viable energy solutions. Since 2023, IFC has aggregately extended a debit line of INR32.5 billion (c.$380 million) to IndiGrid.
