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IFC commits Rs.460-Cr to IndiGrid for building battery energy storage systems in Gujarat

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International Finance Corporation (IFC) has committed to invest INR 460 crore (USD 55 million) in long-term financing to IndiGrid to build India’s largest standalone Battery Energy Storage System (BESS) in Gujarat. The project will support the state's clean energy goals by enhancing grid stability and ensuring reliable power.IFC will contribute USD 38.5 million and the remaining amount of USD 16.5 million will be raised from the Clean Technology Fund, one of the Climate Investment Funds managed by the World Bank by subscribing to the listed non-convertible debentures.