The International Finance Corporation (IFC), part of the World Bank Group, has committed Rs 460 crore to IndiGrid for developing India’s largest standalone battery energy storage system (BESS) project in Gujarat.

The investment will be in the form of listed non-convertible debentures, including USD 38.5 million from IFC’s own account and USD 16.5 million in concessional financing from the Clean Technology Fund, under the Climate Investment Funds framework. This strategic project will enhance grid stability and ensure reliable electricity during peak demand, aligning with India’s broader target of achieving 500 GW of renewable energy capacity by 2030. It will also support the state’s aim of developing 100 GW of renewable capacity.

IFC South Asia Regional Director Imad N Fakhoury emphasised that battery energy storage is essential for a diversified energy mix, while IndiGrid MD Harsh Shah stated that the BESS project represents a critical milestone in building next-generation clean infrastructure.