In a significant boost to India's burgeoning renewable energy sector, the International Finance Corporation (IFC), a member of the World Bank Group, has committed Rs 460 crore (approximately USD 55 million) in long-term financing to IndiGrid (India Grid Trust). 

This substantial investment is earmarked for the development of India's largest standalone battery energy storage system (BESS) project in Gujarat.

This landmark project, with a capacity of 180 MW/360 MWh, is poised to play a crucial role in supporting Gujarat's ambitious clean energy goals, which include achieving 100 GW of renewable capacity by 2030. 

Beyond state-specific targets, the initiative also aligns with India's broader national aim of installing 500 GW of clean energy capacity by the same year.

The financing from IFC will be channeled through a subscription to listed non-convertible debentures issued by IndiGrid. 

The commitment comprises approximately USD 38.5 million from IFC's own account, supplemented by USD 16.5 million in concessional support from the Clean Technology Fund (CTF), a multi-donor trust fund under the World Bank-hosted Climate Investment Funds framework.