Private Equity

PE Fund Investments

IndiGrid to raise funds from UK’s BII, Norway’s Norfund, India’s Techno to develop three transmissio

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IndiGrid Trust has tied up with three investors to jointly develop the KKR-backed infrastructure investment trust’s interstate transmission system projects. UK’s development financier British International Investment (BII), the Norwegian Climate Investment Fund (managed by Norfund) and Techno Electric and Engineering Company Ltd will invest in three power transmission projects-Ishanagar Power Transmission Ltd (IPTL), Dhule Power Transmission Ltd (DPTL), and Kallam Transco Ltd (KTCO).The three under-construction projects, which IndiGrid won last year, are expected to support evacuation of up to 6 GW renewable energy in Madhya-Pradesh and Maharashtra.Norfund, also a development financier, will route its investments through KNI India AS, Norfund’s joint venture with KLP, Norway’s largest pension company. Techno will co-develop the IPTL and DPTL projects, invest minority capital and will be responsible for complete execution on a lump sum turnkey basis, where the contractor completes and delivers a project to the client at a set price. IndiGrid will acquire the entire stake in these projects once they are operational and revenue generating.