The International Finance Corporation (IFC) has committed $55 million in long-term financing to IndiGrid for the development of a 180 MW/360 MWh standalone battery energy storage system (BESS) project in Gujarat.
The financing includes $38.5 million from IFC’s own account and $16.5 million in concessional funding from the clean technology fund. The project is being implemented by IndiGrid 2 Limited and IndiGrid 1 Limited, special purpose vehicles of India Grid Trust.