The Indian Renewable Energy Development Agency (IREDA) has sanctioned a Rs 21.28 billion loan to GMR Power and Urban Infra Limited (GPUIL) for the smart meter project in Uttar Pradesh, which is estimated to cost Rs 34.67 billion.
The project is being executed in partnership with Bosch Global Software Technologies Private Limited as the technical partner. The loan will be disbursed in tranches to three special purpose vehicles (SPV), GMR Agra smart meters Limited, GMR Kashi smart meters Limited, and GMR Triveni smart meters Limited set up specifically for this project. GPUIL has provided corporate guarantees of Rs 4.40 billion each to the SPVs until the commercial operation date. The project is being funded through a combination of debt, equity, and internal accruals, aimed at enhancing Uttar Pradesh’s power infrastructure through the deployment of smart meters.