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IFC inks deal with IndiGrid for BESS project

 IFC and IndiGrid have partnered to develop 180 megawatts (MW)/360-megawatt hour (MWh) standalone battery energy storage system (BESS) project in Gujarat.

“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,” said Imad N Fakhoury, Regional Director for South Asia, IFC.

As part of the agreement, IFC has committed long-term financing of Rs 4.6 billion (approximately $ 55 million) to IndiGrid. This includes around $ 38.5 million from IFC’s own account and an additional $ 16.5 million in concessional funding provided by the Clean Technology Fund, which operates under the Climate Investment Funds and partners exclusively with multilateral development banks. The funding was finalized during the quarter ending June 30, 2025.